For the first time, fluctuations in the Dy quadrupole (orbital) moment have been observed in DyB(2)C(2) using inelastic neutron scattering. The observed quasielastic response is decomposed into two components, one reflecting transitions within the doublets (narrow) and the other transitions between the doublets (broad) of the effective Dy quartet ground state. The widths of the narrow and broad components are shown to arise from fluctuations in the magnetic dipole and the electric quadrupole moments, respectively.