(8-L-[14C] phenylalanine) angiotensin I is metabolized in one passage through blood-free lungs. Approximately 20 percent of the radioactivity emerges as angiotensin 11, the remainder as lower homologs. Radioactivity is not retained by the lungs but has the same volume of distribution and mean transit time as blue dextran, a compound unlikely to leave the intravascular space. Plasma membrane fractions of lung are capable of converting angiotensin I to angiotensin II. These data, taken together, indicate the circulating angiotensin I is metabolized by enzymes of the luminal surface of pulmonary endothelial cells.