This work is dedicated to the study of the discrete version of the Maier-Saupe model in the presence of competing interactions. The competition between interactions favoring different orientational ordering produces a rich phase diagram including modulated phases. Using a mean-field approach and Monte Carlo simulations, we show that the proposed model exhibits isotropic and nematic phases and also a series of modulated phases that meet at a multicritical point, a Lifshitz point. Though the Monte Carlo and mean-field phase diagrams show some quantitative disagreements, the Monte Carlo simulations corroborate the general behavior found within the mean-field approximation.