The verbal reciprocal construction in Malagasy is formed by a reciprocal morpheme prefixing on the main verb with a corresponding loss of an overt argument in c-structure. Analyses of similar constructions in Chichewa and Catalan both treat the reciprocalized verb's argument structure as undergoing an alteration whereby one of its thematic roles is either suppressed or two thematic arguments are mapped to one grammatical function. In this paper I propose that the reciprocal morpheme in Malagasy creates a reciprocal pronoun in f-structure - thus maintaining its valency and leaving the argument structure of the verb unchanged, while at the same time losing an argument at the level of c-structure.