Acyl CoA thioester “hydrolase” activity exhibited by liver microsomal preparations using a spectrophotometric assay for released CoA has been shown to be a composite of several enzymatic reactions. Pig liver microsomes form a considerable amount of triacylglycerol from endogenous precursors, with essentially all acyl groups being incorporated into the 1,3 positions. Rat and rabbit liver microsomes form very little triacylglycerol under the same conditions. The true acyl CoA hydrolase activity of pig liver microsomes is relatively insensitive to diisopropylfluorophosphate (DFP), whereas this compound strongly inhibits the rat and rabbit enzymes. The hydrolase remaining in the liver microsomes after DFP treatment is rapidly inactivated when incubated in the presence of substrate.