The study was conducted to examine perceived seriousness of academic cheating behaviors among undergraduate students in an Ethiopian University. A total of 245 (146 males and 99 females) regular undergraduate students were randomly selected from three colleges: business and economics, natural and computational science, and social science found in a university. Data were collected using a survey. The results indicated that majority of the respondents rated most cheating behaviors as “serious” The study found that although students perceived the seriousness of most cheating behaviors, they continued to actively engage in cheating. Furthermore, significant differences were found in the perception of the seriousness of academic cheating behaviors amongst students according to field of study and gender. Therefore, as today’s undergraduate students are the employees of tomorrow and that the ethics they adopt and adhere to shape their behavior in the future, it is suggested that there is a need to make known to students the reality of academic integrity and to expose them to the consequences of violating students’ academic code of ethics.