We present the first description of a nest of the Ocellated Antbird (Phaenostictus mcleannani), an understory species that ranges from southeastern Honduras to northwestern Ecuador. The open-cup nest was found in June 2002, in the Republic of Panama, and was located on the leaf litter between the buttresses of a Virola surinamensis tree. The nest contained two ovoid, whitish eggs with reddish-brown speckles and longitudinal streaks.