Priocharax nanus, new species, is described from the rio Negro, Brazil. It is a miniature fish that retains as an adult the larval rayless pectoral fin, a diagnostic character of the genus. Priocharax nanus possesses fewer reductive features compared to congeners, P. ariel and P. pygmaeus, from which it can be distinguished by the presence of i,6 pelvic-fin rays (vs. i,5), the presence of the claustrum (vs. claustrum absent) and the presence of two postcleithra (vs. postcleithra absent). An updated list of 213 species of miniature Neotropical freshwater fishes is presented. The greatest diversity among them is represented by the Characiformes with 87 miniature species.Priocharax nanus, espécie nova, é descrita do rio Negro, Brasil. É um peixe miniatura que retém no adulto a forma larval da nadadeira peitoral, um caráter diagnóstico do gênero. Priocharax nanus possui um número menor de caracteres redutivos quando comparado aos congêneres, P. ariel and P. pygmaeus, dos quais pode ser distinguida pela presença de i,6 raios na nadadeira pélvica (vs. i,5), presença do claustrum (vs. claustrum ausente) e presença de dois pós-cleitros (vs. pós-cleitros ausentes). Uma lista atualizada de 213 espécies de peixes miniatura de água doce neotropicais é apresentada. A maior diversidade entre eles é representada pelos Characiformes, com 87 espécies miniatura.Key words: Heterocharacinae, Miniaturization, Reductive characters. (Weitzman & Vari, 1987). More recently, Priocharax ariel was also recorded in the region of Santa Isabel do Rio Negro, rio Negro basin (Lima & Toledo-Piza, 2001) and P. pygmaeus was collected from a small tributary of rio Solimões, in Amazonas, Brazil (Oliveira et al., 2009). Weitzman & Vari (1987) listed six diagnostic characters for Priocharax, the most conspicuous of which is the presence of a rayless pectoral fin fold in the adult, which is otherwise restricted to larval stages of characiforms and teleosts in general. Priocharax species also have the upper and lower jaws with a high number of tiny conical teeth, the adults are diminutive in size being among the smallest characiforms known, specimens have 16-22 branched anal-fin rays and only five branched pelvic-fin rays. In addition to the two species of Priocharax, the only other Characidae known to us that consistently has i,5 pelvic-fin rays is Cyanogaster noctivaga Mattox, Britz, Toledo-Piza & Marinho, another miniature characid from the rio Negro (Mattox et al., 2013).One year after describing the diminutive Priocharax, Weitzman & Vari (1988) provided a comprehensive review on miniaturization of South American freshwater fishes including a list of 85 species that either matured under 20 mm SL or did not exceed a maximum of 26 mm SL. The authors included 49 species of Characiformes in that original list, Priocharax nanus, new miniature species 230 nearly 60% of the total number of miniature species in South American freshwaters. Of their 49 miniature Characiformes, 46 were classified in the Characidae (including eight species of characidiines now...