The 1994 Hawaii gubernatorial election was held on November 3, 1994. Incumbent Democratic Governor of Hawaii John D. Waihee III was prevented from seeking a third term as Governor due to term limits, creating an open seat. Lieutenant Governor Ben Cayetano emerged from a crowded primary to become the Democratic nominee, facing off against former Administrator of the Small Business Administration Pat Saiki, the Republican nominee and Honolulu Mayor Frank Fasi, who ran as the Best Party of Hawaii's nominee. In a very close election, Cayetano beat Fasi, who placed second, by six percentage points and Saiki, who placed third, winning only a plurality of the vote. Fasi's performance was notable in that it was the best performance by a third party gubernatorial candidate in Hawaii's history.