Alignment of optical components is one of the important requirements in any optical system. Decentration of a component, like a lens, in the path of the beam, would introduce aberrations of various types. This would affect the measurement accuracy in the optical system such as an interferometer. In this work, we have analyzed the influence of decentration of an optical component on the wavefront in an optical system. The various aberrations caused due to the shifting of the axis of a lens in the path of an optical wavefront have been measured using a Shack Hartmann Wavefront Sensor and their influence studied. One of the lenses in the optical system is moved or decentered in transverse direction by 500 μm in steps of 50 μm. Decentration was done for all four quadrants. For each step, wavefront data is been taken and data was analyzed. Defocus, horizontal coma, vertical coma and spherical aberration were analyzed, apart from peak-to-valley and RMS values. Results showed that the error introduced is minimal up to 300 μm decentration, above which the aberrations were quite large. The experimental results and analyses are presented.