A search for pair-produced third generation scalar leptoquarks is presented, using proton-proton collisions at sqrt(s)= 7 TeV at the LHC. The data were recorded with the ATLAS detector and correspond to an integrated luminosity of 4.7 fb-1. Each leptoquark is assumed to decay to a tau lepton and a b-quark with a branching fraction equal to 100%. No statistically significant excess above the Standard Model expectation is observed. Third generation leptoquarks are therefore excluded at 95% confidence level for masses less than 534 GeV.