Prosopanche panguanensis, from the Peruvian lowland rain forest, is proposed as a new species. The species is similar to Prosopanche costaricensis but differs with solitary flowers (vs. flowers in fascicles), a perigonial tube prolonged above the insertion point of the synandrium (vs. perigonial tube not prolonged), and staminodes cucullate and sessile (vs. bilobed in the apex). A description, illustrations, pictures of live specimens, and information about its habitat and distribution are given. An account on Prosopanche specimens recorded from Peru and their identity is also provided.