A large magnetic entropy change has been observed in an intermetallic compound LaFe10.6Si2.4. The maximum −ΔSM≈3.2 J/kg K was found at its Curie temperature, ∼242 K, upon a 2 T magnetic field change. Although the entropy change is slightly smaller than that of pure Gd metal, such Fe-rich compounds still appear to be very attractive candidates since (a) the raw materials are much cheaper than pure Gd metal; (b) the Curie temperature can be easily shifted by tuning the composition; (c) the materials are much more chemically stable than pure Gd metal.