500 grams is equal to approximately 1.1023 pounds. To convert grams to pounds, you can use the formula:

$$\text{pounds} = \text{grams} \times 0.00220462$$

Using this formula, we can calculate that 500 grams is equal to:

$$\text{pounds} = 500 \text{ g} \times 0.00220462 = 1.10231 \text{ lbs}$$

Therefore, 500 grams is approximately 1.1023 pounds.