We propose a two-dimensional time-reversal invariant system of essentially non-interacting electrons on a square lattice that exhibits configurations with fractional charges e/2. These are vortex-like topological defects in the dimerization order par
ameter describing spatial modulation in the electron hopping amplitudes. Charge fractionalization is established by a simple counting argument, analytical calculation within the effective low-energy theory, and by an exact numerical diagonalization of the lattice Hamiltonian. We comment on the exchange statistics of fractional charges and possible realizations of the system.
We show that fractional charges bound to topological defects in the recently proposed time-reversal-invariant models on honeycomb and square lattices obey fractional statistics. The effective low-energy description is given in terms of a `doubled lev
el-2 Chern-Simons field theory, which is parity and time-reversal invariant and implies two species of semions (particles with statistical angle pi/2) labeled by a new emergent quantum number that we identify as the fermion axial charge.