Human plasma cholinesterase (acylcholine acylhydrolase, EC 3.1.1.8) consists of four main molecular forms designated as C1, C2, C3 and C4 according to their electrophoretic mobility on gels. The major component, C4, is the tetrameric form; C1 and C3 are the monomeric and dimeric forms, respectively. The C2 form, which has an apparent free electrophoretic mobility higher than that of the three size isomers, and, moreover, a higher isoelectric point, was found to be a covalent conjugate between the cholinesterase monomer and serum albumin. This result is supported by the following arguments: the non-catalytic subunit of C2 was found to be a carbohydrate-free protein of apparent molecular mass 65 kDa that could not be labelled by diisopropylfluorophosphonate in the labelling conditions of esterases. It possesses a high affinity for a long-chain aliphatic ligand (a substituted octadecylamine) and for Cibacron blue F3 GA, and could be adsorbed on an immunoadsorbent for albumin. The two subunits of C2 are disulfide bridge linked; the active center of the cholinesterase subunit is partly masked by the albumin molecule. The conjugation reaction very likely occurs in the hepatic cell and not in plasma.