Placental mesenchymal dysplasia (PMD) is a rare yet serious placental vascular abnormality featuring placental hypertrophy and grape‐like fluid‐filled spaces that can easily be misdiagnosed for other conditions, particularly molar pregnancy. It can be difficult to differentiate these entities with ultrasound alone; however, it is very important for sonographers to understand the difference between PMD and molar pregnancy, as each has a very different prognosis. This case report describes an enlarged placenta containing fluid‐filled spaces, a structurally and chromosomally normal fetus, PMD, and its differential diagnoses.