Recent phylogenetic work on ponyfishes has delimited and revealed the interrelationships of major leiognathid clades. To begin to recognize a monophyletic taxonomy for Leiognathidae we diagnose, delimit, and describe a number of ponyfish genera to reflect our current knowledge of their phylogenetic history. Equula Cuvier, 1815, is resurrected from synonymy with Leiognathus Lacepède, 1802, and comprises E. fasciata and E. longispinis. Members of Equula, the sister group to all other members of Leiognathidae, are large-bodied ponyfishes characterized by conspicuous round yellow blotches on the flank. The genus Leiognathus Lacepède, 1802, the sister group to the remaining members of Leiognathidae less Equula, is herein restricted to a clade comprising Leiognathus equulus, L. robustus, and L. striatus. The subgenus Equulites Fowler, 1904, comprising E. leuciscus, E. klunzingeri, and E. laterofenestra, is removed from synonymy with Leiognathus and is elevated to generic rank. The subgenus Eubleekeria Fowler, 1904 is removed from synonymy with Leiognathus and is likewise elevated to generic rank. Eubleekeria encompasses the “Leiognathus” splendens species complex, which is recovered as the sister group to Photopectoralis. To remedy the paraphyly of the remaining species placed within Leiognathus we describe a new genus, Karalla, which is recovered as the sister group to Nuchequula.