Recent research on the psychology of metaphor is based almost exclusively on the cognitivist framework provided by Conceptual Metaphor Theory (Lakoff & Johnson, 1980). This approach has been generative and does much to explain the pervasive role that metaphoric language plays in everyday life. However, interest in metaphor is not limited to this cognitive approach; Lacan accorded metaphor a central role in his psychoanalytic understanding the process of signification that structures language and, thereby, the unconscious. Although the two frameworks have different assumptions and aims, they are in large part compatible ways of thinking about the role of metaphor in psychology. The goal of this paper is to briefly introduce both approaches and ultimately to suggest several key insights about metaphor that could be gained by a greater attention to Lacanian psychoanalysis.