Experimental findings concerning the properties of the phenomenon of mislocation of brief visual stimuli during smooth eye tracking are described. One of these, which cannot be explained by existing hypotheses, is that under certain conditions the mislocation magnitude tends to have zero or even negative values. A model is developed for explanation of the mislocation phenomenon. It is suggested that localization is based on: (1) information about the current eye position and (2) information about the stimulus locus on the retina. They both arrive at the localization centre with non-zero delays. The mode of information processing in this centre leads to a magnitude of mislocation which is proportional to the difference between the two delays and which could be positive, zero or negative. Factors which influence either delay should also influence the mislocation magnitude.