The establishment of the cambial variant and the development of the stem of Serjania corrugata Radlk. (Sapindaceae) was analyzed. In the early stages of development, the stem is lobed, with five lobes and five furrows in cross section. Around the fourth internode, each lobe has a vascular arc with one or two more developed central vascular bundles, two lateral bundles and phloem in the interfascicular regions. Procambial strands are also found in perimedullary position, producing only phloem elements. At this stage, the beginning of the cambial activity can be seen in the central vascular bundle in each lobe. This activity then extends to the lateral vascular bundles and to the perimedullary phloem. Parenchymatic cells, located between the vascular ring of the lobe and the perimedullary phloem, dedifferentiate and initiate meristematic activity, uniting these two regions. The development of xylem masses (one in each lobe) that characterizes the adult stem results from this cambial activity. The development of the cambial variant in S. corrugata is quite similar to that previously described in S. elegans Cambess.