The small subgenus Panicularia, in Peperomia is mostly restricted to the dry seasonal valleys of Peru and Ecuador. Its representatives are very succulent during the dry period of the year, whereas in the rainy season they produce less succulent reproductive structures that die back after blooming. Four species from Peru are presented here, the latter two new to science. 1) Peperomia espinosae is collected for the first time in Peru. The other collection is the type from Ecuador. It has succulent light green tessellate leaves above, burgundy red and hairy beneath. It produces stalks with alternate sessile leaves and simple short panicles of white, club-shaped spadices. 2) Pe. fraseri is a widely distributed Ecuadorian species. Here we outline its distribution in Peru and its southernmost limit in South America. It presents basal rosettes of light green to red puberulous obovate to rotundate leaves, red beneath; central deciduous stems in the rainy season with several whorls of 2–5 narrow ovate acuminate leaves and 1–4 distal conical panicles, consisting of many conferted, very short, very white fragrant spadices. Its reproductive stems die back completely after fruiting and new plants grow from lateral tubers. 3) Pe. renzopalmae is a plant of unknown locality, sold in many markets in northern Peru as a medicinal and magical plant, suspected to come from Huancabamba, Piura. It produces basal subpeltate light green orbicular leaves looking like coins, stems with aerial secondary rosettes of petiolate non-peltate cordate leaves and panicles very different to all other species of this subgenus. 4) Pe. ricardofernandezii — formerly mistaken as Pe. fraseri — shares sometimes its habitat with this species but presents narrower, more succulent and acuminate leaves. A striking difference is the persistence of succulent stems produced at the center of basal rosettes that bear alternate leaves, never whorled as in Pe. fraseri. These stems are perennial and continue branching from sub-terminal buds.