We describe a new species and a new subspecies of Euptychia Hübner, 1818 from Colombia and Peru: E. cesarense Pulido, Andrade, Peña & Lamas n. sp. and E. cesarense viloriai Andrade, Pulido, Peña & Lamas n. ssp. This new species resembles E. enyo Butler, 1867 and E. rufocincta Weymer, 1911 but shows clear differences in the wing markings, ocellus pattern and the male genitalia morphology. The new subspecies can be distinguished from the nominotypical subspecies described herein by differences in wing pattern coloration. The nominate subspecies occurs in northern Colombia, and E. c. viloriai is known from eastern Peru.