According to some philosophers, the Liar paradox arises because of a mistaken theory of truth. Its lesson is that we must reject some instances of the naive propositional truth-schema \It is true that \ if and only if \\. In this paper, I construct a novel semantic paradox in which no principle even analogous to the truth-schema plays any role. I argue that this undermines the claim that we ought to respond to the Liar by revising our theory of truth.