Esters easily undergo exchange of an alkoxy group, but acyl exchange is comparatively little known. We have been studying the exchange of acetate esters with carboxylic acids to produce new esters, in the presence of hydrated dysprosium triflate as a catalyst. We have determined that the reaction can be done cleanly and in high yield with a wide range of acetate esters and carboxylic acids. This presentation will describe our latest understanding of the scope and limitations of the reaction, as well as our proposed mechanism.