This paper suggests a new categorization of dvandva compounds in Modern Greek, based on lexical semantics. More specifically, we study a) the relationship between the components and the whole compound and b) the relationship between the two components. With regard to the latter, dvandva compounds can be divided into a) additive (vorioδitikós = north western), in which the meaning derives from the sum of the meanings of the two components and b) metonymic, which can further be distinguished into superordinate metonymic, in which the meaning is broader than that of the parts (i.e. maxeropíruna = knives + forks) and subordinate metonymic, in which the two components are parts of a separate entity, denoting a hyponymic relationship and a high degree of semantic transparency (i.e. avγolémono = a kind of sauce). According to the relationship between the two components, the compounds could be classified into a) opposites (merónixto = day-night), in which the components have opposite meanings to each other, b) synonymic (roδotriandáfila), and c) consecutive (astrapóvrodo = lightening thunder). Some cases are ambiguous, as a compound can be included in more than one category, while the role of the context seems to be crucial.