Terrence Richard Ley (born February 21, 1947) is an American former baseball pitcher who began his career in the 1971 season for the New York Yankees.

Ley attended Madison High School in Portland, Oregon.

After his freshman year, he transferred to Clark College in Vancouver, Washington.

They were first sent from the Yankees to the Texas Rangers for Bernie Allen, then along with Del Unser and Denny Riddleberger to the Cleveland Indians for Roy Foster, Rich Hand, Mike Paul and Ken Suarez.

Ley was the first pitcher in NPB history to issue three balks in an inning, doing so in 1974.