We study both CP-conserving and -violating contributions to the decay K-L --> pi(+)pi(-)v $$($) over bar v. We find that the decay branching ratio is dominated by the CP-conserving part. In the standard CKM model, we estimate that for m(t) similar to 174 GeV, the branching ratio due to the CP-conserving(-violating) contributions can be as large as 4.4 x 10(-13) (1.0 x 10(-14)).