Rationale and Objectives-The purpose of this study was to analyze the variability of experienced thoracic radiologists in the identification of lung nodules on CT scans and thereby to investigate variability in the establishment of the "truth" against which nodule-based studies are measured.Materials and Methods-Thirty CT scans were reviewed twice by four thoracic radiologists through a two-phase image annotation process. During the initial "blinded read" phase, radiologists independently marked lesions they identified as "nodule ≥ 3mm (diameter)," "nodule < 3mm," or "non-nodule ≥ 3mm." During the subsequent "unblinded read" phase, the blinded read results of all radiologists were revealed to each of the four radiologists, who then independently reviewed their marks along with the anonymous marks of their colleagues; a radiologist's own marks then could be deleted, added, or left unchanged. This approach was developed to identify, as completely as possible, all nodules in a scan without requiring forced consensus.Results-After the initial blinded read phase, a total of 71 lesions received "nodule ≥ 3mm" marks from at least one radiologist; however, all four radiologists assigned such marks to only 24 (33.8%) of these lesions. Following the unblinded reads, a total of 59 lesions were marked as "nodule ≥ 3 mm" by at least one radiologist. 27 (45.8%) of these lesions received such marks from all four radiologists, 3 (5.1%) were identified as such by three radiologists, 12 (20.3%) were identified by two radiologists, and 17 (28.8%) were identified by only a single radiologist.