Osteochondromas and subungual exostosis are commonly misunderstood conditions. They are widely used synonymously. However a detailed review of literature tells us that subungual exostosis is in fact a rare variant of osteochondroma. This peculiar tumor is relatively uncommon; it has not been much remarked on the recent years. We report a case of subungual exostosis of the hallux in an 18 year old girl who presented to us with a swelling on her great toe which ulcerated the skin and caused lifting of the nail. We surgically excised the mass and reconstructed the nail and confirmed the diagnosis by histopathological studies. We present this case for its rarity and also because it is often misunderstood and misdiagnosed.