A device and method are provided for locating faults in a paired line. The fault locating device has a transmitting unit connectable to the conductors of a paired line containing the fault. The device also has a portable receiving unit to track the path of the paired line. The transmitting unit contains circuits for creating and transmitting a locator signal and a carrier signal including synchronization through the conductors toward the receiving unit. The receiving unit contains a pickup coil positioned proximal to the paired line, inducing induced locator and carrier signals in the pickup coil. The receiving unit also contains circuits for processing the induced locator and carrier signals and for producing a synchronization signal used to detect and segregate a component of the induced locator signal which is indicative of a fault. The presence or absence of the indicative component is communicated to an operator by means of an audible or visual fault indicator.