Pigmented villonodular synovitis (PVNS) is a synovial proliferative disorder which is often a diagnostic difficulty because of its nonspecific presentation and subtle radiographic findings. It is of two types – nodular and diffuse. Its occurrence in the ankle joint, especially of the nodular type is extremely rare. We report a case of localized nodular synovitis of the ankle in a middle aged female treated by radical excision alone.