The subgenus Philaccolilus Guignot, 1937 [New Guinea] of the genus Philaccolus Guignot, 1937 [now: Afrotropical] is given generic rank. We found no evidence for a sister‐group relation between the two genera. Philaccolilus is revised here. The two known species, P. bicinctus (Régimbart, 1892) and P. speciosus (Régimbart, 1892) are redescribed. Ten new species, i.e. P. ameliae ameliae sp.n., P. ameliae weylandensis ssp.n., P. aterrimus sp.n., P. bacchusi sp.n., P. bellissimus sp.n., P. incognitus sp.n., P. irianensis sp.n., P. kokodanus sp.n., P. mas sp.n., P. mekus sp.n., and P. ramuensis sp.n. are described. Intrageneric relations were reconstructed based on four informative morphological characters. Monophyly of Philaccolilus was suggested by one apomorphy, i.e. female sternum 6 with apical lobe. The dorsal coloration of the species was subsequently projected onto the cladogram. The evolution of the color pattern was reconstructed this way. The ground pattern of Philaccolilus contains a black pronotum and a black elytron with four or five yellow marks in the following positions: subbasal, medial‐discal, post‐medial and apical. This coloration is viewn as another apomorphy for the genus. Additional apomorphies for particular species groups are: Pronotum with broad medial band, elytron with medial‐submarginal and/or medial‐subsutural spots. More than one species occurs in one region of New Guinea, but sister species do not. All species are suggested to be rheobiont. The dorsal coloration of the beetles is suggested to be an adaptation to a life on gravely/sandy substrate in streamlets. Conservation issues are briefly addressed.