Interested shutterbugs are invited to submit pictures corresponding to the four categories - street life, fashion, portraits and abstract - with prizes for the best in category as well as one overall winner.
The closing date is this Friday (26 August) so if you've got some fabulous photos you want to submit you'll need to get your skates on!
For full details of how to enter the competition just head over to the Royal Academy's website, but first click through the gallery below to see a selection of the entries so far:
Eyewitness: Hungarian Photography in the 20th Century runs until 2 October 2011.
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