A new, brightly colored species of Physalaemus similar to P. deimaticus and P. rupestris is described from the Parque Estadual do Itacolomi, Municipality of Ouro Preto, State of Minas Gerais, southeastern Brazil. The new species is characterized by its small size (snout–vent length 23.2 mm in male, 26.2–26.6 mm in females) and by having the snout rounded in the dorsal view and protruding in profile; large inguinal glands, ovoid, light brown with a black ocellus outlined with white on their posterior half; light grayish brown dorsum with elongate longitudinal dark grayish brown stripes and blotches; venter white with gray mottling; and bright red on groin and ventral surfaces of arms, hands, thighs, tibiae, and feet.