Two forms of ornithine decarboxylase (L-ornithine carboxy-lyase, EC 4.1.1.17) can be isolated from crude plasmodial homogenates of Physarum polycephalum. Both forms catalyze the stoichiometric production of putrescine and CO2 from ornithine, yet they are distinguished by (a) a large difference in their affinity for coenzyme (apparent Km values of 0.13 and 33 muM); (b) a differential stability to extended dialysis of crude homogenates at 4 degrees C; and (c) the tendency of the low affinity form to polymerize when suspended in low ionic strength borate and phosphate buffers. These forms appear to be alternate states of a basic catalytic subunit in that (a) they both demonstrate monomer and dimer molecular forms of 80 000 and 160 000 daltons, respectively, depending on the buffer content; (b) they coelute from DEAE-Cellulose ion-exchange columns; and (c) they vary in activity in approximately equivalent yet opposite directions in response to factors which alter this organism's growth or metabolism. These data suggest that ornithine decarboxylase activity may be modulated by the control of the transition of this enzyme between the active and the relatively less active form.