This paper explores the psychoanalyst's dilemmas in treating a man who came for analysis as a self‐identified compulsive liar. The decision as to whether or not to treat this man, and how to do so without getting caught up in a web of deceit and manipulation, raises issues about the nature of unconscious fantasy and its relationship to psychic truth. Therapeutic action as it involves the activation of multiple internal self–other configurations and their psychodynamic relationship to each other is also explored.