Osteocephalus festae is an Amazonian species recently resurrected from a synonymy with Osteocephalus buckleyi. Because few specimens are known, its morphological variation, diagnostic characters, and distribution are poorly understood. Herein we determine its phylogenetic relationships and provide a complete taxonomic account based on recently collected specimens (adults and larvae) from nine localities in Ecuador and Peru. Osteocephalus festae is most similar to Osteocephalus verruciger from which it differs in having less tuberculate dorsal skin on males, smaller tympanum, and more tooth rows in the oral disk of larvae. A phylogeny based on mitochondrial DNA sequences, genes 12S and ND1, shows that Osteocephalus festae is closely related to Osteocephalus buckleyi, Osteocephalus mutabor and Osteocephalus verruciger. A clade consisting of Osteocephalus festae, Osteocephalus verruciger, and Osteocephalus buckleyi is characterized by stream dwelling tadpoles. Surprisingly, we found paraphyly among Ecuadorian populations of Osteocephalus buckleyi and Osteocephalus verruciger. The causes for paraphyly are unknown but in Osteocephalus buckleyi may result from the existence of cryptic species.