We report a 34-years old woman, with a history of social anxiety, specific phobias and generalized anxiety symptoms, who presented for treatment with panic attacks and depression. She was started on paroxetine and presented exacerbation of the affective syndrome and onset of psychotic symptoms that persisted after the suspension of the antidepressant and responded to sulpiride and later to thioridazine. We discuss the pertinence of the diagnosis of pseudoneurotic schizophrenia and the comorbidity between psychosis and anxiety symptoms.