diff --git a/policy_manager/variable.h b/policy_manager/variable.h
index 22cdd17..ab19f72 100644
--- a/policy_manager/variable.h
+++ b/policy_manager/variable.h
@@ -102,10 +102,8 @@
 
   // Calls ValueChanged on all the observers.
   void NotifyValueChanged() {
-    for (auto& observer : observer_list_) {
-      RunFromMainLoop(base::Bind(&BaseVariable::ObserverInterface::ValueChanged,
-                                 base::Unretained(observer), this));
-    }
+    RunFromMainLoop(base::Bind(&BaseVariable::OnValueChangedNotification,
+                               base::Unretained(this)));
   }
 
  private:
@@ -113,6 +111,7 @@
   friend class PmBaseVariableTest;
   FRIEND_TEST(PmBaseVariableTest, RepeatedObserverTest);
   FRIEND_TEST(PmBaseVariableTest, NotifyValueChangedTest);
+  FRIEND_TEST(PmBaseVariableTest, NotifyValueRemovesObserversTest);
 
   BaseVariable(const std::string& name, VariableMode mode,
                base::TimeDelta poll_interval)
@@ -120,6 +119,22 @@
       poll_interval_(mode == kVariableModePoll ?
                      poll_interval : base::TimeDelta()) {}
 
+  void OnValueChangedNotification() {
+    // A ValueChanged() method can change the list of observers, for example
+    // removing itself and invalidating the iterator, so we create a snapshot
+    // of the observers first. Also, to support the case when *another* observer
+    // is removed, we check for them.
+    std::list<BaseVariable::ObserverInterface*> observer_list_copy(
+        observer_list_);
+
+    for (auto& observer : observer_list_copy) {
+      if (std::find(observer_list_.begin(), observer_list_.end(), observer) !=
+          observer_list_.end()) {
+        observer->ValueChanged(this);
+      }
+    }
+  }
+
   // The default PollInterval in minutes.
   static constexpr int kDefaultPollMinutes = 5;
 
diff --git a/policy_manager/variable_unittest.cc b/policy_manager/variable_unittest.cc
index 81e1e59..f68f7d3 100644
--- a/policy_manager/variable_unittest.cc
+++ b/policy_manager/variable_unittest.cc
@@ -106,6 +106,53 @@
   // Check that all the observers are called.
   EXPECT_EQ(2, observer1.calls_.size());
   EXPECT_EQ(1, observer2.calls_.size());
+
+  var.RemoveObserver(&observer1);
+  var.RemoveObserver(&observer2);
+}
+
+class BaseVariableObserverRemover : public BaseVariable::ObserverInterface {
+ public:
+  BaseVariableObserverRemover() : calls_(0) {}
+
+  void ValueChanged(BaseVariable* variable) override {
+    for (auto& observer : remove_observers_) {
+      variable->RemoveObserver(observer);
+    }
+    calls_++;
+  }
+
+  void OnCallRemoveObserver(BaseVariable::ObserverInterface* observer) {
+    remove_observers_.push_back(observer);
+  }
+
+  int get_calls() { return calls_; }
+
+ private:
+  vector<BaseVariable::ObserverInterface*> remove_observers_;
+  int calls_;
+};
+
+// Tests that we can remove an observer from a Variable on the ValueChanged()
+// call to that observer.
+TEST(PmBaseVariableTest, NotifyValueRemovesObserversTest) {
+  DefaultVariable<int> var("var", kVariableModeAsync);
+  BaseVariableObserverRemover observer1;
+  BaseVariableObserverRemover observer2;
+
+  var.AddObserver(&observer1);
+  var.AddObserver(&observer2);
+
+  // Make each observer remove both observers on ValueChanged.
+  observer1.OnCallRemoveObserver(&observer1);
+  observer1.OnCallRemoveObserver(&observer2);
+  observer2.OnCallRemoveObserver(&observer1);
+  observer2.OnCallRemoveObserver(&observer2);
+
+  var.NotifyValueChanged();
+  RunGMainLoopMaxIterations(100);
+
+  EXPECT_EQ(1, observer1.get_calls() + observer2.get_calls());
 }
 
 }  // namespace chromeos_policy_manager