Although magnetic resonance (MR) imaging has been used to evaluate many musculoskeletal lesions, the MR appearance of pigmented villonodular synovitis (PVNS) has not been described in detail. The authors describe two cases of PVNS in the knee imaged with both computed tomography and MR. In both cases parts of each lesion had very low signal intensity on both short repetition time (TR)/echo time (TE) sequences and long TR/TE sequences. Other portions of both lesions had intermediate signal intensity (equal to or higher than that of muscle but lower than that of fat) on short TR/TE sequences and increasing signal intensity on longer TR/TE images. In one case, the lesion also had a cystic component that showed MR changes typical of complex fluid. The authors propose that the MR signal characteristics demonstrated in these cases may be explained by the unique tissue components of the lesion, particularly hemosiderin and fat.