<?xml version="1.0"?>
<edgarSubmission>

    <schemaVersion>X0708</schemaVersion>

    <submissionType>D/A</submissionType>

    <testOrLive>LIVE</testOrLive>

    <primaryIssuer>
        <cik>0001347556</cik>
        <entityName>Lionstone Fund, Ltd.</entityName>
        <issuerAddress>
            <street1>ESTERA SERVICES (BERMUDA) LIMITED</street1>
            <street2>VICTORIA PLACE, 5TH FL., 31 VICTORIA ST.</street2>
            <city>HAMILTON</city>
            <stateOrCountry>D0</stateOrCountry>
            <stateOrCountryDescription>BERMUDA</stateOrCountryDescription>
            <zipCode>HM 10</zipCode>
        </issuerAddress>
        <issuerPhoneNumber>441-294-8000</issuerPhoneNumber>
        <jurisdictionOfInc>BERMUDA</jurisdictionOfInc>
        <edgarPreviousNameList>
            <previousName>Lionstone Fund Ltd</previousName>
        </edgarPreviousNameList>
        <entityType>Other</entityType>
        <entityTypeOtherDesc>Bermuda Exempted Company</entityTypeOtherDesc>
        <yearOfInc>
            <overFiveYears>true</overFiveYears>
        </yearOfInc>
    </primaryIssuer>

    <relatedPersonsList>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Lee</firstName>
                <lastName>Lowenstein</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>Lionstone Capital Management LLC</street1>
                <street2>152 West 57th Street, Floor 36</street2>
                <city>New York</city>
                <stateOrCountry>NY</stateOrCountry>
                <stateOrCountryDescription>NEW YORK</stateOrCountryDescription>
                <zipCode>10019</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
                <relationship>Director</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Director of the Issuer and Managing Member of Lionstone Capital Management LLC, the Investment Manager of the Issuer.</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Herbert</firstName>
                <middleName>M.</middleName>
                <lastName>Selzer</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>Loeb, Block &amp; Partners LLP</street1>
                <street2>505 Park Avenue, 8th Floor</street2>
                <city>New York</city>
                <stateOrCountry>NY</stateOrCountry>
                <stateOrCountryDescription>NEW YORK</stateOrCountryDescription>
                <zipCode>10022</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Director</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification></relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>James</firstName>
                <lastName>Keyes</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>101 Front Street</street1>
                <city>Hamilton</city>
                <stateOrCountry>D0</stateOrCountry>
                <stateOrCountryDescription>BERMUDA</stateOrCountryDescription>
                <zipCode>HM 12</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Director</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification></relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>n/a</firstName>
                <middleName>n/a</middleName>
                <lastName>Lionstone Capital Management LLC</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>Carnegie Hall Tower</street1>
                <street2>152 West 57th Street, Floor 36</street2>
                <city>New York</city>
                <stateOrCountry>NY</stateOrCountry>
                <stateOrCountryDescription>NEW YORK</stateOrCountryDescription>
                <zipCode>10019</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Promoter</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Investment Manager of the Issuer</relationshipClarification>
        </relatedPersonInfo>
    </relatedPersonsList>

    <offeringData>
        <industryGroup>
            <industryGroupType>Pooled Investment Fund</industryGroupType>
            <investmentFundInfo>
                <investmentFundType>Hedge Fund</investmentFundType>
                <is40Act>false</is40Act>
            </investmentFundInfo>
        </industryGroup>
        <issuerSize>
            <aggregateNetAssetValueRange>Decline to Disclose</aggregateNetAssetValueRange>
        </issuerSize>
        <federalExemptionsExclusions>
            <item>06b</item>
            <item>3C</item>
            <item>3C.1</item>
        </federalExemptionsExclusions>
        <typeOfFiling>
            <newOrAmendment>
                <isAmendment>true</isAmendment>
                <previousAccessionNumber>0000943663-19-000052</previousAccessionNumber>
            </newOrAmendment>
            <dateOfFirstSale>
                <value>2004-10-01</value>
            </dateOfFirstSale>
        </typeOfFiling>
        <durationOfOffering>
            <moreThanOneYear>true</moreThanOneYear>
        </durationOfOffering>
        <typesOfSecuritiesOffered>
            <isPooledInvestmentFundType>true</isPooledInvestmentFundType>
        </typesOfSecuritiesOffered>
        <businessCombinationTransaction>
            <isBusinessCombinationTransaction>false</isBusinessCombinationTransaction>
            <clarificationOfResponse></clarificationOfResponse>
        </businessCombinationTransaction>
        <minimumInvestmentAccepted>1000000</minimumInvestmentAccepted>
        <salesCompensationList></salesCompensationList>
        <offeringSalesAmounts>
            <totalOfferingAmount>Indefinite</totalOfferingAmount>
            <totalAmountSold>142878392</totalAmountSold>
            <totalRemaining>Indefinite</totalRemaining>
            <clarificationOfResponse>Min. investment reflected in Item 11 subject to waiver, reduction or change in the sole discretion of the Board of Directors. Item 13 includes $103,874,475 in sales to foreign investors.  Total investors in Item 14 includes 26 foreign investors.</clarificationOfResponse>
        </offeringSalesAmounts>
        <investors>
            <hasNonAccreditedInvestors>false</hasNonAccreditedInvestors>
            <totalNumberAlreadyInvested>43</totalNumberAlreadyInvested>
        </investors>
        <salesCommissionsFindersFees>
            <salesCommissions>
                <dollarAmount>0</dollarAmount>
            </salesCommissions>
            <findersFees>
                <dollarAmount>0</dollarAmount>
            </findersFees>
            <clarificationOfResponse></clarificationOfResponse>
        </salesCommissionsFindersFees>
        <useOfProceeds>
            <grossProceedsUsed>
                <dollarAmount>0</dollarAmount>
                <isEstimate>true</isEstimate>
            </grossProceedsUsed>
            <clarificationOfResponse>The terms of the incentive and management fees are fully described in the Issuer's Confidential Private Placement Memorandum.</clarificationOfResponse>
        </useOfProceeds>
        <signatureBlock>
            <authorizedRepresentative>false</authorizedRepresentative>
            <signature>
                <issuerName>Lionstone Fund, Ltd.</issuerName>
                <signatureName>/s/ Lee Lowenstein</signatureName>
                <nameOfSigner>Lee Lowenstein</nameOfSigner>
                <signatureTitle>Director of the Issuer</signatureTitle>
                <signatureDate>2020-02-21</signatureDate>
            </signature>
        </signatureBlock>
    </offeringData>
</edgarSubmission>
