The Neotropical genus Palmorchis (Orchidaceae) contains 38 species distributed from Nicaragua to Peru, including northern Brazil. The genus is characterized by whitish or greenish tubular flowers with morphologically similar sepals and petals, a generally trilobed lip basally adnated to the gynostemium, and a gynostemium with a more or less curved apex. Here, a new species of Palmorchis belonging to the informal Palmorchis sobralioides group is described and illustrated from the state of Pará in the Brazilian Amazon, and its taxonomic affinities are discussed. Palmorchis triquilhada is close to P. sobralioides, differing basically by having a smaller size, pubescent leaves, deltoid and pubescent floral bracts, pubescent lip with ciliate margin, and a three‐keeled lanceolate median lobe without calli and with an acute apex. A description, photos, illustrations and ecological and taxonomic comments are provided for the species, as well as an identification key for related species.