In this perspective article, I argue that dissolved organic carbon occupies a central role in the functioning of lake ecosystems, comparable in importance to that played by nutrients. Because lakes receive so much dissolved organic carbon from the terrestrial landscape, its accumulation in water bodies usually represents the largest pool of lacustrine organic matter within the water column. The transformation of even a small fraction of this external carbon by the microbial community can alter significantly the metabolic balance of lake ecosystems, simultaneously releasing carbon dioxide to the atmosphere and burying organic carbon in lake sediments. At the landscape level, even if they occupy a small fraction of the landscape, lakes play a surprisingly important role in the regional carbon budget, particularly when considered at the appropriate temporal scale.