Two cases of lymphoepithelial cyst, a very rare cystic lesion of the pancreas, are reported. The patients complained of vague upper abdominal discomfort. One lesion was derived from the head of the pancreas, the other from its neck. Ultrasonographic finding of the former was a cystic lesion with inhomogeneous internal echogenecity, and in both cases, CT showed multiloculated cystic lesions with internal septa. Cysts filled with sebaceous material were excised on operation, and lymphoepithelial cyst was histopathologically confirmed.