We investigate interspecific and ontogenetic differences in the diet of five sympatric characid fish species in Rio Grande do Sul state, Southern Brazil. A total of 849 individuals were analyzed, sampled from January to December 2007. Smaller individuals of Astyanax henseli and A. lacustris consumed mainly allochthonous insects; vegetal items were added along their development. Diapoma thauma was specialized in allochthonous insects regardless of fish size. Smaller B. iheringii consumed allochthonous insects and sediment, shifting to algae with growth. Smaller D. luetkenii consumed allochthonous insects, while larger individuals feed mostly on vegetal matter. The high ingestion of allochthonous insects by A. henseli, A. lacustris, and D. thauma was responsible for their high diet overlap, which was increased for the Astyanax species due to their shared ingestion of vegetal matter. The small niche breadth allowed the identification of trophic specializations, suggesting that competition and food overlap are minimized by differences in the frequency/abundance of the consumed items. Therefore, whereas the characteristics of the aquatic environment and the riparian vegetation seem to offer enough food items to maintain these sympatric species, small trophic niche differences may contribute to reduce the potential inter and intraspecific competition, allowing these fish species to coexist.