CERES and HELIOS-3 have detected a significant enhancement of low--mass dileptons in nuclear collisions at 200 GeV/nucleon with respect to the expected ``conventional'' sources. The onset of the excess, starting at a mass of ∼2mπ, and the possibility of a quadratic dependence on the event multiplicity suggest the opening of the π+π−→e+e−(μ+μ−) annihilation channel. This would be the first observation of thermal radiation from dense hadronic matter. Possible interpretations of these results are presented, including the reduction of the ρ mass due to partial restoration of chiral symmetry in the dense fireball formed in the collision