We present a model of unsupervised phonological lexicon discovery —the problem of simultaneously learning phoneme-like and word-like units from acoustic input. Our model builds on earlier models of unsupervised phone-like unit discovery from acoustic data (Lee and Glass, 2012), and unsupervised symbolic lexicon discovery using the Adaptor Grammar framework (Johnson et al., 2006), integrating these earlier approaches using a probabilistic model of phonological variation. We show that the model is competitive with state-of-the-art spoken term discovery systems, and present analyses exploring the model’s behavior and the kinds of linguistic structures it learns.