A new species belonging to the genus Cinnamodendron Endlicher (Canellaceae) is described: C. occhionianum F. Barros & J. Salazar. The new species is known only from Cardoso Island off the coast of southeastern Brazil. It is similar to C. axillare Endlicher ex Walpers and C. sampaioanum Occhioni, but differs from the former by the fasciculate inflorescence and dark purple flowers, and from the latter by the nonplicate apex of the leaves and a shorter fruit pedicel. It also resembles C. dinisii Schwacke in its vegetative features, but differs from it mainly by the flowers with 10 petals, 10 stamens, and ovary with two placentae.