The purpose of the paper is to discuss Aristotle’s account of homonymy. The major thesis advocated here is that Aristotle considers both entities and words to be homonymous, depending on the object of his criticism. Thus, when he takes issue with Plato, he tends to view homonymy more ontologically, upon which it is entities that become homonymous. When, on the other hand, he gainsays the exegetes or the sophists, he is inclined to perceive homonymy more semantically, upon which it is (...) words that become homonymous. Subsequently, this article shows that Aristotle values homonymy negatively in dialectical discussions, but positively in rhetorical and poetic arts. Finally, the present paper demonstrates that Aristotle regards systematic homonymy as a very useful theoretical tool that makes it possible to critically examine the basic terminological assumptions of any philosophical inquiry. (shrink)