The Weixi continental margin arc, sandwiched between the Yangtze block and the Lanping block, is a volcanic arc formed during the Paleo- Tethys period. The bimodal volcanic rocks composed of the acidic end members of the Middle- Lower Triassic Pantiange Formation and the basic endmember of the Cuiyibi Formation are the main components of the Weixi continental margin arc, which is regarded as a key zone for the study of the subduction and closure process of the Paleo- Tethys ocean. In this paper, a VMS type deposit, named the Yueliangping Pb- Zn deposit, has been discovered for the first time in the felsic volcanic rocks of the Pantiange Formation in this volcanic belt. Preliminary field investigation shows that the lead- zinc ore body has a double- layer structure of “upper layer and lower vein”, associated with exhalative rocks, such as hematite siliceous rock, barite rock. The wall rock alteration is asymmetric, and the volcanic rock in the hanging wall of the ore body is slightly altered, while the lower vein ore body is closely associated with wall rock alteration such as silicification, chloritization and sericitization. LA- ICP- MS zircon U- Pb ages of dacite in the upper and lower wall of the layered orebody are 247. 8±1. 1 Ma and 249. 0±1. 1 Ma, respectively, 〖JP2〗indicating that the diagenetic and metallogenic age is Early Triassic. The geochemical characteristics show that dacite belongs to medium high silicon, high potassium and peraluminous felsic rocks, with the characteristics of S- type granite and island arc volcanic rocks, suggesting that the basement of island arc is continental crust. Hematite silicalite is characterized by stripe structure, low REE content, LREE enrichment, high positive Eu anomaly (δEu=2. 37), U/Th=23. 6, Co/Ni=0. 17, which is a typical submarine hydrothermal exhalation rock. The patterns of REE and trace element of the ore are very similar to those of the footwall dacite, indicating that the ore- forming elements are mainly from the underlying felsic rock series. Based on regional geology and previous research data, it is proposed that the subduction of the Paleo- Tethys Ocean during the Permian period led to the formation of an Andean- type subduction zone on the continental margin of the Deqin- Weixi- Qiaohou area on the east side of the Lanping block. The Early Triassic oceanic crust subduction angle became〖JP〗 steeper, resulting in back arc extension. The Yueliangping Pb- Zn deposit is a Kuroko- type VMS Pb- Zn deposit formed in the felsic volcanic rocks under the extensional background. Regionally, the peak period of bimodal volcanic rocks in the belt is 247 Ma, with a time span of about 7 Ma. Under the submarine volcanism related to the arc, the bimodal volcanic rocks rapidly extended and subsided to the deep- sea conditions. With the closure and uplift of the basin, the bimodal volcanic rocks were collaged together on the arc- continent collision zone, with the characteristics of aborted arc rift. It is an ideal place to preserve VMS type deposits. At present, the research on VMS type deposits hosted by volcanic rocks in this belt is low, and the prospecting work has not made a breakthrough for a long time. The discovery of Yueliangping Pb- Zn deposit is of important significance for the exploration of the Weixi continental margin arc. The Early- Middle Triassic volcanic rocks can be regarded as the important exploration and research objects of VMS deposits in this area.