Lepanthopsis undulata Kolan. & Szlach. sp. nova (Orchidaceae) is described and illustrated based on material collected in Colombia. It resembles L. peniculus from which it differs by having a smaller lip with undulate, obliquely triangular-ovate lateral lobes with somewhat elevated apical parts of lateral veins; and in the middle lobe of lip being broadest in the middle. An identification key to the Colombian species of Lepanthopsis is presented.