diff --git a/cache.cabal b/cache.cabal
--- a/cache.cabal
+++ b/cache.cabal
@@ -1,5 +1,5 @@
 name:           cache
-version:        0.1.1.2
+version:        0.1.2.0
 synopsis:       An in-memory key/value store with expiration support
 homepage:       https://github.com/hverr/haskell-cache#readme
 license:        BSD3
diff --git a/src/Data/Cache.hs b/src/Data/Cache.hs
--- a/src/Data/Cache.hs
+++ b/src/Data/Cache.hs
@@ -42,6 +42,8 @@
   , deleteSTM
   , purgeExpired
   , purgeExpiredSTM
+    -- ** Combined actions
+  , fetchWithCache
 
     -- * Cache information
   , size
@@ -198,6 +200,18 @@
 -- the cache.
 insert :: (Eq k, Hashable k) => Cache k v -> k -> v -> IO ()
 insert c = insert' c (defaultExpiration c)
+
+-- | Get a value from cache. If not available from cache, use the provided action and update the cache.
+-- Note that the cache check and conditional execution of the action is not one atomic action.
+fetchWithCache :: (Eq k, Hashable k) => Cache k v -> k -> (k -> IO v) -> IO v
+fetchWithCache c k f = do
+  mv <- lookup c k
+  case mv of
+    Just v -> return v
+    Nothing -> do
+       v <- f k
+       insert c k v
+       return v
 
 -- | STM variant of 'keys'.
 keysSTM :: Cache k v -> STM [k]
diff --git a/test/Data/CacheSpec.hs b/test/Data/CacheSpec.hs
--- a/test/Data/CacheSpec.hs
+++ b/test/Data/CacheSpec.hs
@@ -67,6 +67,13 @@
         liftIO (size c) >>= (`shouldBe` 4)
         _ <- liftIO $ purgeExpired c
         liftIO (size c) >>= (`shouldBe` 3)
+    it "should work with actions" $ do
+        c <- liftIO $ defCache Nothing
+        _ <- liftIO $ expire defExpiration
+        liftIO (fetchWithCache c (fst ok) (const $ return 10))               >>= (`shouldBe` (snd ok))
+        liftIO (fetchWithCache c (fst expired) (const $ return 10))          >>= (`shouldBe` 10)
+        liftIO (fetchWithCache c (fst action) (const $ return (snd action))) >>= (`shouldBe` (snd action))
+        liftIO (lookup' c (fst action) )                                     >>= (`shouldBe` Just (snd action))
 
 defExpiration :: TimeSpec
 defExpiration = 1000000
@@ -91,6 +98,9 @@
 
 ok :: (String, Int)
 ok = ("ok", 3)
+
+action :: (String, Int)
+action = ("action", 6)
 
 defCache :: Maybe TimeSpec -> IO (Cache String Int)
 defCache t = do