Imaging of objects under variable lighting directions is an important and frequent practice in computer vision and image-based rendering. We introduce an approach that significantly improves the quality of such images. Traditional methods for acquiring images under variable illumination directions use only a single light source per acquired image. In contrast, our approach is based on a multiplexing principle, in which multiple light sources illuminate the object simultaneously from different directions. Thus, the object irradiance is much higher. The acquired images are then computationally demultiplexed. The number of image acquisitions is the same as in the single-source method. The approach is useful for imaging dim object areas. We give the optimal code by which the illumination should be multiplexed to obtain the highest quality output. For n images corresponding to n light sources, the noise is reduced by \sqrt n/2 relative to the signal. This noise reduction translates to a faster acquisition time or an increase in density of illumination direction samples. It also enables one to use lighting with high directional resolution using practical setups, as we demonstrate in our experiments.