Subungual keratoacanthoma is a rare benign neoplasm which most commonly occurs in middle-aged Caucasians. It usually presents as a painful, rapidly growing lesion of the terminal phalanx. Radiography consistently demonstrates a well-defined cup-shaped erosion of the underlying bone. Clinically, subungual keratoacanthoma must be distinguished from subungual squamous carcinoma. We report four further cases and discuss the literature.