A tool carrier for a step ladder includes a top panel adapted to rest on the top step of the ladder, a skirt depending downwardly from the top panel and around the upper portion of the ladder, tool-receiving pockets provided on the skirt, and a handle connected to enable lifting and carrying the tool carrier from above. The skirt includes front, back and side panels associated with respective sides of the ladder and that establish a lower perimeter adapted to enable use as a free-standing tool carrier. The panels are preferably elastically connected to slip snugly around the upper portion of the ladder. Accessory tool holders are adapted to be slipped into snug pockets for holding larger-size tools and other articles not conveniently held in the pockets. A preferred panel-supporting frame structure assists in maintaining the shape of the skirt.