A 52-year-old man presented with a pigmented band on his left great toenail that had been present for three years. As there was concern for melanoma, a nail biopsy was performed resulting in the diagnosis of a subungual onycholemmal cyst. Subungual onycholemmal cysts are rare, benign nail bed neoplasms. They have a variable clinical presentation and definitive diagnosis is made through a nail bed or nail matrix biopsy. On pathology, hyperkeratosis and acanthosis may be present with numerous keratin-filled cysts in the dermis. As this entity is benign, no treatment is necessary although an elective excision may be performed if the lesion is symptomatic. It is important to be aware of the wide range of clinical presentations of subungual onycholemmal cysts and to keep it on the differential diagnosis in patients presenting with a pigmented band on their nail.