We present a case of an 82-year-old man with a 1-year history of a slowly enlarging, nontender, exophytic oral mucosal lesion with focal ulceration of the right alveolar ridge of the mandible associated with cortical bone resorption. Two consecutive biopsies revealed histoplasma capsulatum. A review of the literature confirms that this is an uncommon manifestation of this fungal disease, but must be considered in the differential diagnosis of an oral ulcerative lesion.