With the help of a \vbox you can "escape" from the indentation in a list:
\documentclass{article}
\usepackage{lipsum}
\newcommand\NoIndent[1]{%
\par\vbox{\parbox[t]{\linewidth}{#1}}%
}
\begin{document}
\begin{itemize}
\item One
\NoIndent{\lipsum[4]}
\item Two
\NoIndent{\lipsum[2]}
\item Three
\NoIndent{\lipsum[1]}
\end{itemize}
\end{document}

As barbara beeton has noticed in her comment, the above solution doesn't admit page breaks inside \NoIndent; here's a solution admitting page breaks, using \vsplit to break the \vbox (this technique was explained by egreg in his answer to Breakable vboxes):
\documentclass{article}
\usepackage[a6paper]{geometry}% just for the example
\usepackage{lipsum}
\newbox\totalbox
\newbox\partialbox
\newdimen\partialboxdim
\newenvironment{nibox}
{\par\vskip-6pt\setbox\totalbox=\vbox\bgroup}
{\egroup\splitnibox}
\def\splitnibox{%
\ifvoid\totalbox\par
\else\continuesplitting\fi}
\def\continuesplitting{\null% In case this starts a new page
\dimen255=\dimexpr\pagegoal-\pagetotal-\pageshrink-6pt\relax
\ifdim\ht\totalbox<\dimen255
\setbox\partialbox=\box\totalbox
\unvbox\partialbox
\else
\setbox\partialbox=\vsplit\totalbox to\dimen255
\unvbox\partialbox\eject
\fi
\splitnibox}
\newcommand\NoIndent[1]{\begin{nibox}#1\end{nibox}}
\begin{document}
\begin{itemize}
\item One
\NoIndent{\lipsum[4]}
\item Two
\NoIndent{\lipsum[2-3]}
\item Three
\end{itemize}
\end{document}

enumitem.styyou can easily stop and resume itemizations and enumerations. – Mariano Suárez-Álvarez Sep 04 '13 at 23:30\item One \par One continues \par And again \item Two. This produces indentation, but no bullet. See the link in the comment above for more info. – nickie Sep 04 '13 at 23:32One,Two, andThreebe what is contained as an\itemin youritemize, followed by a "lengthy" discussion afterwards (which you don't want indented)? – Werner Sep 04 '13 at 23:51