Myet Taw Pyay Paya is situated within the enclosure wall and east of Atwin Zigon Paya. It faces east. The zedi stands on a brick Kalakyaung house. Inside the house is a large Buddha Image. Before its renovation a zedi with a sikhara was seen within it through the relic chamber's hole.
It is traditionally held that Myet Taw Pyay Paya was built by King Kyanzittha, and he built it to atone for a sin he had committed.
In the reign of King Kyanzittha, King Thet Min Katon of Rakhine turned against King Kyanzittha who sent his warriors to capture the rebellous king alive. When King Kyanzittha was about to execute King Thet Min Katon on change of high treason, Shin Arahan intervened and pleaded for royal elemency on the ground that the two kings had in their previous existences, taken the oath of faithfulness and prom-ised to help each other when in trouble. Royal wrath was thus dispelled and King Thet Min Katon's life was spared. To commemorate the said event, Myet Taw Pyay Paya was built on the site.