Pancho Vladigerov is one of the most highly noted Bulgarian composers, who developed a successful musical career for over four decades in the early part of the twentieth century. He has left a substantial legacy of compositions to be performed and studied by musicians and scholars. Research on Vladigerov and his compositions has been rather limited in North America. Further study of Vladigerov''s music is important because of its compositional value as well as its historical significance and contribution to the development of classical music in the Bulgarian region. Pancho Vladigerov is a central figure in the history and development of Bulgarian music in the twentieth century. Studying his professional career reveals a great deal about his life and works, but also about Bulgarian music in general. Vladigerov is responsible for bringing the composition of art music in Bulgaria up to the standards of the West. This research will focus specifically on a set of two pieces titled Two Bulgarian Paraphrases: Horo and Ratchenitza, Op. 18. It will provide detailed historical background as well as theoretical and performance analysis.