We interpret the KARMEN time anomaly as being due to the production of a (d
ominantly bino) neutralino with mass 33.9 MeV, which is the lightest supers
ymmetric particle but decays into 3 leptons through the violation of R pari
ty. For independent gaugino masses M-1 and M-2 We find regions in the (M-1,
M-2, mu, tan beta) parameter space where such a light neutralino is consis
tent with all experiments. Future tests of this hypothesis are outlined.