Understanding the dynamics of correlated many-body quantum systems is a challenge for modern physics. Owing to the simplicity of their Hamiltonians, ⁴He (bosons) and ³He (fermions) have served as model systems for strongly interacting quantum fluids, with substantial efforts devoted to their understanding. An important milestone was the direct observation of the collective phonon–roton mode in liquid ⁴He by neutron scattering, verifying Landau’s prediction¹ and his fruitful concept of elementary excitations. In a Fermi system, collective density fluctuations (known as ‘zero-sound’ in ³He, and ‘plasmons’ in charged systems) and incoherent particle–hole excitations are observed. At small wavevectors and energies, both types of excitation are described by Landau’s theory of Fermi liquids^{2, 3}. At higher wavevectors, the collective mode enters the particle–hole band, where it is strongly damped. The dynamics of Fermi liquids at high wavevectors was thus believed to be essentially incoherent. Here we report inelastic neutron scattering measurements of a monolayer of liquid ³He, observing a roton-like excitation. We find that the collective density mode reappears as a well defined excitation at momentum transfers larger than twice the Fermi momentum. We thus observe unexpected collective behaviour of a Fermi many-body system in the regime beyond the scope of Landau’s theory. A satisfactory interpretation of the measured spectra is obtained using a dynamic many-body theory⁴.