The extinct “false mako” shark, Parotodus benedenii (Lamniformes: Otodontidae), is essentially known from large, robust teeth that are widespread but overall rare in Oligocene to Pliocene deposits worldwide. More than 150 years after its description, this species still represents a palaeontological conundrum, as very little is known about its body aspect and palaeoecology. Here, we describe new specimens of P. benedenii from the Pliocene of Tuscany, central Italy. These new finds comprise some of the geologically youngest finds of P. benedenii worldwide, witnessing to the survival of false makos until the Late Pliocene at least, which in turn suggests that P. benedenii may have been the latest surviving member of the family Otodontidae. Building upon a thorough literature review, we provide an updated synthesis of the palaeobiology of P. benedenii. In light of the morphological evidence, and considering previously published suggestions, P. benedenii may be reconstructed as a large-sized, carnivorous shark that dwelt in pelagic settings and fed primarily on large, soft prey and scavenging items. Thus, some ecological partitioning did likely exist between P. benedenii and other elasmobranch apex predators of the Neogene mid-latitude seas (including, in Pliocene times, the extant species Carcharodon carcharias, Carcharhinus leucas and Galeocerdo cuvier).