Based on the review of herbarium specimens, geo-referenced live images, and field observations, a new species of the genus Ceiba (Malvaceae) is described. Ceiba camba, the new species, has previously been confused with other species in the Ceiba insignis complex, specially with C. speciosa, and went undifferentiated despite having a wide distribution in the lowlands of central-western South America and being quite common. However, the new species here described shows clear visible morphological differences from C. speciosa and the other members of the genus. The main similarities and differences with other morphologically and geographically close species of the C. insignis complex (C. chodatii, C. crispiflora, C. insignis, C. lupuna, C. pubiflora, C. speciosa) are discussed.