Abstract: A vest-bag which is convertible between a vest garment configuration and a bag configuration comprises a unit of flexible material such as leather having a lower portion sectioned into laterally contiguous rectangular panels forming open ended pockets having a series of eyelets extending vertically near the longitudinal sides of the contiguous rectangular panels and an upper portion extending upwardly from the lower portion and divided into a central back panel and a pair of side panels having snap fasteners at the upper ends. The side panels may be fastened to the back panel to form a vest bodice for wearing the vest-bag in a vest garment configuration. The back panel and one side panel may be folded onto the contiguous panels which may then be folded one upon another and releasably connected by a lace member passing through the eyelets to form a bag configuration. A carrying strap extends from the vest-bag in the folded position for carrying the bag.