Lipoglycoproteins in the Chelicerata that bind and store heme appear to represent a unique evolutionary strategy to both mitigate the toxicity of heme and utilize the molecule as a prosthetic group. Knowledge of heme-binding storage proteins in these organisms is in its infancy and much of what is known is from studies with vitellogenins (Vg) and more recently the main hemolymph storage protein in ixodid ticks characterized as a hemelipoglyco-carrier protein (CP). Data have also been reported from another arachnid, the black widow spider, Latrodectus mirabilis, and seem to suggest that the heme-binding capability of these large multimeric proteins is not a phenomenon found only in the Acari. CP appears to be most closely related to Vg in ticks in terms of primary structure but post-translational processing is different. Tick CP and L. mirabilis high-density lipoprotein 1 (HDL1) are similar in that they consist of two subunits of approximate molecular masses of 90 and 100 kDa, are found in the hemolymph as the dominant protein, and bind lipids, carbohydrates and cholesterol. CP binds heme which may also be the case for HDL1 since the protein was found to contain a brown pigment when analyzed by native polyacrylamide gel electrophoresis. Vgs in ticks are composed of multiple subunits and are the precursor of the yolk protein, vitellin. The phylogeny of these proteins, regulation of gene expression and putative functions of binding and storing heme throughout reproduction, blood-feeding and development are discussed. Comparisons with non-chelicerate arthropods are made in order to highlight the mechanisms and putative functions of heme-binding storage proteins and their possible critical function in the evolution of hematophagy.