The clinical presentation of typical lipomas is often characteristic. But the variations of lipoma based on the associated stroma poses a challenging picture with clinical diagnosis varying from benign tumors, various inflammatory and reactive lesions, salivary gland lesions, to few peripheral odontogenic lesions. Only a thorough clinical and pathological evaluation and correlation will help in arriving at a conclusive diagnosis, in understanding the behaviour, planning the treatment and predicting the prognosis of the lesion. One such case of lipoma presenting as an unassuming swelling clinically, but showing exuberant vascular component occurring on buccal mucosa is presented. A review of this variant of lipoma is discussed in comparison with the present case.