Intracytoplasmic inclusion bodies with an unusual immunohistochemical profile, histologically similar to alpha 1 antitrypsin globules and megamitochondria, were seen within hepatocytes in a liver allograft biopsy. Electron microscopy revealed that these structures were erythrocytes in various stages of degradation. Their appearance following an episode of Pneumocystis carinii pneumonia suggests a possible relationship between bouts of hypoxia and erythrocyte entry into hepatocytes.