The purpose of this study was to quantify the effects of a single session of aerobic exercise on lipids and lipoproteins in women who were sedentary and obese. Women (n = 12) who were premenopausal, sedentary, and obese (body mass index, 30–40 kg·m–2; waist circumference > 88 cm) completed exercise and control trials in a randomly assigned order. Exercise consisted of a single session of treadmill walking at 70% maximum oxygen uptake until 500 kcal were expended, and the control protocol consisted of 60 min of seated rest. Fasting blood samples were collected immediately prior to, 24 h, and 48 h following the exercise and control sessions and analyzed for triglyceride, total cholesterol, low-density lipoprotein cholesterol (LDL-C), high-density lipoprotein cholesterol (HDL-C), HDL2-C, and HDL3-C concentrations, and mean LDL, HDL2, and HDL3particle size and cholesterol distributions. A 2 × 3 (trial × time) ANOVA with repeated measures revealed no significant (p > 0.05) changes in the lipid and lipoprotein variables 24 and 48 h following exercise. In contrast to previously published data in lean men and women, a single session of treadmill exercise at 70% maximum oxygen uptake that expended 500 kcal was insufficient to modify lipids and lipoproteins in women who were sedentary, normolipidemic, and obese.