We report on the discovery of variable circular polarization in the SW Sex star LS Pegasi. The observed modulation has an amplitude of ~0.3 % and a period of 29.6 minutes, which we assume as the spin period of the magnetic white dwarf. We also detected periodic flaring in the blue wing of Hbeta, with a period of 33.5 minutes. The difference between both frequencies is just the orbital frequency, so we relate the 33.5-min modulation to the beat between the orbital and spin period. We propose a new accretion scenario in SW Sex stars, based on the shock of the disk-overflown gas stream against the white dwarfs magnetosphere, which extends to the corotation radius. From this geometry, we estimate a magnetic field strength of B(1) ~ 5-15 MG. Our results indicate that magnetic accretion plays an important role in SW Sex stars and we suggest that these systems are probably Intermediate Polars with the highest mass accretion rates.
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