The larval stages of the genus Kempynus Navás, 1912 Navás, L. (1912), 'Insectos neurópteros nuevos o poco conocidos', Memorias de la Real Academia de Ciencias y Artes de Barcelona, 10, 135–202. [Google Scholar] (probably K. falcatus Navás, 1912 Navás, L. (1912), 'Insectos neurópteros nuevos o poco conocidos', Memorias de la Real Academia de Ciencias y Artes de Barcelona, 10, 135–202. [Google Scholar] based on the presence of synchronic and sympatric adults) are described for the Neotropical Region for the first time, and the larval stages of Isostenosmylus pulverulentus (Gerstaecker, 1893 Gerstaecker, C.E.A. (1893), 'Ueber neue und weniger gekannte Neuropteren aus der familie Megaloptera Burm', Mitt[h]eilungen aus dem Naturwissenschaftlichen Verein für Neu-Vorpommern und Rugen, 25, 93–173. [Google Scholar]) are redescribed. The external morphology of third-instar larvae of both species and their habitats are described and compared. Kempynus sp. is a water-dependent species and can be considered semi-aquatic, whereas I. pulverulentus larvae are terrestrial and live in undergrowth vegetation. The first key to identification of Neotropical Osmylidae larvae is provided, based on third-instar larvae of both species.