We propose that local parity breaking induced by a large-scale fluctuation of topological charge at large temperatures and/or condensation of pseudoscalar mesons in the isotriplet channel for large baryon densities may be responsible for the substantial dilepton excess that is found for low invariant masses and moderate values of pT in central heavy ions collisions. This insofar unexplained enhancement could be understood by a combination of two effects leading to an excess of both e+e− and μ+μ− pairs with respect to theoretical predictions based on conventional hadronic processes: (a) a modification of the dispersion relation of photons and vector mesons propagating in such a nuclear medium due to local parity breaking; (b) the appearance of new decay channels, forbidden by parity conservation in QCD in the usual vacuum. Possible signatures of this effect and perspectives for its detection are discussed.