How common is balancing selection, and what fraction of phenotypic variance is attributable to balanced polymorphisms? Despite decades of research, answers to these questions remain elusive. Moreover, there is no clear theoretical prediction about the frequency with which balancing selection is expected to arise within a population. Here, we use an extension of Fisher's geometric model of adaptation to predict the probability of balancing selection in a population with separate sexes, wherein polymorphism is potentially maintained by two forms of balancing selection: (1) heterozygote advantage, where heterozygous individuals at a locus have higher fitness than homozygous individuals, and (2) sexually antagonistic selection (a.k.a. intralocus sexual conflict), where the fitness of each sex is maximized by different genotypes at a locus. We show that balancing selection is common under biologically plausible conditions and that sex differences in selection or sex-by-genotype effects of mutations can each increase opportunities for balancing selection. Although heterozygote advantage and sexual antagonism represent alternative mechanisms for maintaining polymorphism, they mutually exist along a balancing selection continuum that depends on population and sex-specific parameters of selection and mutation. Sexual antagonism is the dominant mode of balancing selection across most of this continuum.O NE of the primary goals of population genetics is to evaluate how processes of mutation, selection, migration, recombination, and genetic drift account for the maintenance of genetic variation in natural populations. This "great obsession" with genetic variation (Gillespie 2004, p. 154) is reflected by a massive body of theoretical and empirical research that seeks to connect empirical patterns of population and quantitative genetic variability with the specific evolutionary processes that might account for them.Balancing selection-selection that maintains genetic variation at a locus-could potentially account for an important fraction of observed quantitative genetic variability (Dobzhansky 1955;Lewontin 1974;Charlesworth and Hughes 1999). Although relatively few unambiguous cases of balancing selection have been documented to date (see Charlesworth 2006;Hedrick 2012;Johnston et al. 2013;Leffler et al. 2013), empirical methods for detecting their population genetic signatures are highly conservative and may fail to identify many (or most) instances of balancing selection within a genome (Charlesworth 2006;Charlesworth and Charlesworth 2010). Furthermore, balanced polymorphisms may plausibly account for several empirical observations that are not easily explained by alternative models of variation maintained by recurrent mutation. For example, the high genetic variance in life history and reproductive traits (Houle 1992;Pomiankowski and Moller 1995) and the presence of intermediate-frequency alleles with large phenotypic effects (Long et al. 2000) are each potentially attributable to a subset of loci that segrega...