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.
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