A new species of Corydoras is described from the upper Rio Machado, Rio Madeira basin, Rondônia State, Brazil. The new species can be distinguished from its congeners by the absence of contact between the posterior process of the parieto-supraoccipital and the nuchal plate; a ventral laminar expansion of the infraorbital 1 conspicuously developed; and the posterior margin of the pectoral-fin spine with serrations along almost of its entire length, only lacking in the distal portion. Additionally, Corydoras hephaestus possesses dorsal and pectoral spines short, and exhibits an unusual color pattern in life. The conservation status of the new species and other endemic species are briefly commented.