| Year: | 1987 |
| Team: | Arkansas State Indians |
| Sport: | football |
| Conference: | Independent |
| Record: | 8–4–1 |
| Head Coach: | Larry Lacewell |
| Hc Year: | 9th |
| Stadium: | Indian Stadium |
| Bowl: | NCAA Division I-AA Quarterfinal |
| Bowl Result: | L 28–49 vs. Northern Iowa |
The 1987 Arkansas State Indians football team represented Arkansas State University as an independent during the 1987 NCAA Division I-AA football season. Led by ninth-year head coach Larry Lacewell, the Indians finished the season with a record of 8–4–1. Arkansas State advanced to the advanced to the NCAA Division I-AA Football Championship playoffs, where they defeated Jackson State in the first round and lost to Northern Iowa in the quarterfinals.