New genetic and morphological data support the recognition of a distinct monophyletic group, the Cyphocharax saladensis clade, which includes C. vanderi, C. saladensis, C. boiadeiro, and a new species. This four-species group can be recognized by modifications in the laterosensory system with instances of incomplete or interrupted poring, by the ontogenetic development of the lateral line with larger specimens having a more developed laterosensory system, and by the presence of a patch of dark pigmentation over the caudal peduncle. The new species is described from the upper Rio Correntes, an upland tributary of the upper Rio Paraguai in central Brazil and is diagnosed by the presence of a thin longitudinal black stripe, by the variable shapes of the dark blotches on the caudal peduncle, and by morphometric and meristic data. New mitochondrial data from paratypes provide clear evidence of genetic distinction between the new species and congeners, and additionally place it as the sister species to C. boiadeiro from the upper Rio Araguaia. Based on the updated molecular phylogeny and biogeographic information, we propose an evolutionary hypothesis with four events of river captures with subsequent allopatric speciation of the new species and C. boiadeiro in the Correntes and Araguaia systems. The new species is suggested to be categorized as Near Threatened, living in a strongly impacted region of the Brazilian Cerrado.