Gastrointestinal lipomas are uncommon benign tumors usually occurring in the colon and rarely in the stomach. We report a case of a 10-year-old boy who presented with a two-week history of epigastric abdominal pain and several episodes of melena. Gastroscopy revealed a soft, elevated, broad based, polypoid lesion on the posterior wall, without superficial erosion or ulceration. One week later the patient was readmitted with melena and hematemesis, followed by a significant drop of hematocrit levels. A laparotomy was carried out and the mass was excised. Histological findings were consistent with a submucosal gastric fibrolipoma resected IN TOTO. The clinical presentation, diagnosis and management of this condition are discussed.