A new species, Hemibrycon palomae, is described from the La Paloma and La Siria Creek, río Roble drainage, of the upper Cauca River Basin, Colombia. It differs from congeners in meristic characters. It also has two reddish spots located on both the dorsal and ventral margins of the caudal peduncle (vs. only one reddish spot on the ventral margin of the caudal peduncle). Ecological habitat data and an updated key to all Hemibrycon species known from the Magdalena-Cauca River Basin are also presented.