A 7‐year‐old neutered male alpaca (Vicugna pacos) was presented for evaluation of a 3‐year history of large, bilateral, firm ventral cervical masses causing esophageal and tracheal impingement. Ultrasound examination, radiographic evaluation, histopathological findings, and magnetic resonance imaging confirmed the masses to be bilateral thyroid adenomas. Conservative medical treatment by unilateral chemical ablation, using 10% formalin by aspiration technique, was performed on the left mass. Chemical ablation proved to be effective in decreasing the size of the mass, with no apparent adverse effects. To our knowledge, this case is the first known report of bilateral thyroid adenomas in an alpaca, a condition previously described in humans, horses, dogs, and cats.