TolTEC is a new camera being built for the 50-meter Large Millimeter-wave Telescope (LMT) on Sierra Negra in Puebla, Mexico. The instrument will discover and characterize distant galaxies by detecting the thermal emission of dust heated by starlight. The polarimetric capabilities of the camera will measure magnetic fields in star-forming regions in the Milky Way. The optical design of the camera uses mirrors, lenses, and dichroics to simultaneously couple a 4 arcminute diameter field of view onto three single-band focal planes at 150, 220, and 280 GHz. The 7000 polarization-selective detectors are single-band horn-coupled LEKID detectors fabricated at NIST. A rotating half wave plate operates at ambient temperature to modulate the polarized signal. In addition to the galactic and extragalactic surveys already planned, TolTEC installed at the LMT will provide open observing time to the community.