New anatomical details are described for the acanthodian Lupopsyrus pygmaeus Bernacsek & Dineley, 1977, based on newly prepared, nearly complete body fossils from the MOTH locality, Northwest Territories, Canada. New interpretations of previously known structures are provided, while the head, tail, and sensory lines of L. pygmaeus are described for the first time. The pectoral girdle of L. pygmaeus shows no evidence of pinnal and lorical plates as mentioned in the original species description. Instead, the dermal elements of the pectoral region appear to comprise a single pair of prepectoral spines which rest on transversely oriented procoracoids, and large, shallowly inserted, ornamented pectoral fin spines which contact both the procoracoids and scapulocoracoids. The scales of L. pygmaeus lack growth zones and mineralized basal tissue, and superficially resemble scales of thelodonts or monodontode placoid scales of early chondrichthyans, and not the typical scales of acanthodians. However, L. pygmaeus possesses perichondrally-ossified pork-chop shaped scapulocoracoids, a series of hyoidean gill plates, and scale growth that originates near the caudal peduncle; these features suggest a relationship to acanthodians. Prior to this study, both authors conducted separate cladistic analyses which resulted in differing tree positions for L. pygmaeus and its relationships within the Acanthodii. However, both analyses did agree that there is no evidence allying L. pygmaeus to the traditional “climatiid” acanthodians contrary to previous historical classifications.