Image movement provides one of the most potent two-dimensional cues for depth. From motion cues alone, the brain is capable of deriving a three-dimensional representation of distant objects. For many decades, theoretical and empirical investigations into this ability have interpreted these percepts as faithful copies of the projected 3-D structures. Here we review empirical findings showing that perceived 3-D shape from motion is not veridical and cannot be accounted for by the current models. We present a probabilistic model based on a local analysis of optic flow. Although such a model does not guarantee a correct reconstruction of 3-D shape, it is shown to be consistent with human performance.