The recent result from the E821 experiment at BNL on the anomalous magnetic
moment of the muon shows a distinct discrepancy with the Standard Model pr
edictions. We calculate the additional correction that the anomalous magnet
ic moment receives in a model with scalar leptoquarks. We find that such mo
dels can account for the deviation from the SM value even for small leptoqu
ark couplings. (C) 2001 Published by Elsevier Science B.V.