A 47-year-old male was referred for evaluation of a hepatic nodular lesion incidentally found on routine check up. He had no history of previous liver disease. Physical examination revealed no abonormality. Laboratory findings showed that HBsAG and anti-HCV were negative. Serum AST was minimally elevated and serum AFP was within normal range. Abdominal ultrasonogram showed a 1.3 cm-sized, hypoechoic nodule with peripheral halo in segment 5 of liver. Spiral CT revealed a well enhancing nodule in arterial phase, which could not be detected in portal and delayed phase. Liver biopsy showed well-differenciated hepatocellular carcinoma on the background of high grade dysplastic nodule. Surgical resection was recommended, however he refused and discharged.