We describe a new species of glassfrog assigned to the genus Cochranella (Amphibia: Anura: Athesphatanura: Centrolenidae) from the Foothill Evergreen forests on the southeastern Andean slopes of Ecuador and northeastern Andean slopes of Peru. The new species is characterized by its moderate-sized body (25.4-26.9 mm in adult males), medium-sized eyes (eye diameter/third disc width = 1.4-1.9), distinctive coloration in life (olive green with light spots) and in preservative (grayish lavender with pale spots), dorsal skin covered with flat warts and low tubercles, parietal peritoneum mostly white (covered by iridophores), thick ulnar folds, and extensive hand and foot webbing. In addition, we provide the first record of Nymphargus posadae from Peru, found in sympatry with the new species at the Cordillera del Cóndor. © 2008 by The Herpetologists' League, Inc.