Delivering value for the customer is one of the core tenets of lean construction. However, anyone who is affected by a project is considered a customer of the project. Often, different customers of a project will be at odds with each with regards to what constitutes value for them. This could potentially lead to ethical dilemmas for the project delivery team. This is a subject that has so far been given little attention in literature. In this paper we set forth a theoretical framework for investigating ethical dilemmas in value delivery that will form the basis for future empirical research on ethical issues related to value delivery. More precisely we examine fundamental reasons for ethical dilemmas occurring in the context of value delivery. We theorize that ethical dilemmas in construction projects typically arises when there is misalignment of value between project stakeholders.