The genus Cynolebias (Cyprinodontiformes: Rivulidae) is a locally endemic and speciose group of Neotropical fishes with an annual life cycle. Members of the genus vary greatly in morphology and behaviour, and extensive interspecific karyotypic divergence has been documented among species from Uruguay, Argentina and Rio Grande do Sul, Brazil. We present a molecular systematic hypothesis of the relationships between these Cynolebias species based on phylogenetic analysis of a combined dataset containing 1825 base pairs of DNA sequence, representing three mitochondrial genes. The protein-coding cytochrome-b gene, the 12S and 16S rRNA mitochondrial genes, alone and in combination, yield robust support for monophyly within Cynolebias. Furthermore, our analyses identify two major Cynolebias clades, one of which contains at least four monophyletic groups. Corrected mtDNA genetic distances range from 5.2 to 17.5% between Cynolebias species, and application of a molecular clock suggests the occurrence of two pulses of cladogenesis, one in the late Miocene and another in the Pliocene–Pleistocene. © 2002 The Linnean Society of London, Biological Journal of the Linnean Society, 2002, 76, 49–59.