A new Psilochilus species from the Western Cordillera of Colombia, Psilochilus vallecaucanus is described and illustrated. The new species is similar to P. macrophyllus, from which it differs by a long-clawed lip with obscure, obtuse lateral lobes. The relevant morphological features are illustrated. A key to the species of Psilochilus is provided. The information about the ecology and distribution of the new species is provided.