A preliminary taxonomic revision is presented of the Neotropical genus Heteropsis, widely known as the source of a regionally important non-timber forest product; a tough resistant root fiber used in craftware and furniture making. Eighteen species and one variety are recognized, including two new species, Heteropsis reticulata and Heteropsis vasquezii; Heteropsis melinonii is considered to be of doubtful status. Descriptions, illustrations, geographical distribution and taxonomic commentary for each species, and an identification key are provided. Lectotypes are designated for Heteropsis oblongifolia, Heteropsis rigidifolia and Heteropsis salicifolia. Short reviews are provided of taxonomic history, phylogeny, vegetative and reproductive morphology, growth cycle, uses, and conservation status.