Electron microscopic examination of an atypical fibroxanthoma (AFX) confirmed the fibrohistiocytic nature of this lesion. Ultrastructural evidence suggested a transition from fibroblasts to large giant cells with intermediate forms exhibiting features of both. A comparison of AFX ultrastructural features to those of other similar neoplasms suggested a possible relationship to malignant fibrous histiocytoma. As diagnosed by light microscopy, AFX probably represents a spectrum of neoplasms; this concept is discussed. It is urged, when possible, that electron microscopy be performed on lesions diagnosed as atypical fibroxanthoma since ultrastructure studies represent the most valid basis on which a correct diagnosis can be made.