We describe two new species of the leptodactylid frog genus Physalaemus from the lowlands of western Ecuador. Both species belong to the P. pustulosus species group. They differ from other group members, except P. coloradorum, in their smaller size. They can be distinguished from P. coloradorum by their less tuberculate dorsal skin and a more depressed loreal region. The new species differ from each other markedly in advertisement call. Although the ranges overlap, body size, flank gland length, and parotoid gland length (relative to snout-vent length) are also significantly different. Overall the new species are similar in color patterns and body shape; they are difficult to diagnose from each other with morphological characters.