To investigate the effects of varying levels of hypohydration on ratings of perceived exertion (RPE) during moderate and heavy submaximal exercise, and at the lactate threshold (LT) and ventilatory threshold (VT), 9 male subjects cycled under states of euhydration (EU), moderate hypohydration (MH), and severe hypohydration (SH). The desired level of hypohydration was achieved over a 36-hr period by having subjects cycle at 50% VO2max in a 38°C environment on two occasions while controlling fluid intake and diet. During submaximal exercise, oxygen uptake, ventilation, heart rate, blood lactate, and RPE were not significantly different among treatments. Hypohydration did not significantly alter LT or VT, or perceptual responses at LT or VT. It is concluded that hypohydration of up to 5.6% caused by fluid manipulation and exercise in the heat over a 36-hr period does not alter RPE or the lactate or ventilatory threshold, nor RPE at the lactate and ventilatory thresholds measured during moderate and heavy submaximal cycling in a neutral (22°C) environment.