An unknown plant of the Hymenophyllaceae was discovered in New Caledonia and is described as a new species, Hymenophyllum paniense. The species has unique fronds that resemble hairy caterpillars due to impressive marginal hairs. To elucidate its systematic position, the species was compared with 14 species of Hymenophyllum sensu lato using morphological and molecular approaches. Special attention was focused on the trichomes of the fronds. Molecular phylogeny using continuous sequences of approximately 3,400 bp of chloroplast DNA (including rbcL genes, accD genes and intergeneric spacers) suggested monophyly of this and other Oceanian species bearing multicellular hairs.