The antiferromagnetic (AF) compound MnBi$_{2}$Te$_{4}$ is suggested to be the first realization of an antiferromagnetic (AF) topological insulator. Here we report on inelastic neutron scattering studies of the magnetic interactions in MnBi$_{2}$Te$_{4}$ that possess ferromagnetic (FM) triangular layers with AF interlayer coupling. The spin waves display a large spin gap and pairwise exchange interactions within the triangular layer are frustrated due to large next-nearest neighbor AF exchange. The degree of frustration suggests proximity to a variety of magnetic phases, potentially including skyrmion phases, that could be accessed in chemically tuned compounds or upon the application of symmetry-breaking fields.
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