The “Lacustricola” hutereaui species complex is herein defined by the possession of banded dorsal, anal, and caudal fins in males and also by the pointed premaxilla ascending process, in which the premaxilla medial surface is slightly convex. “Lacustricola” pygmaeus, new species, known from the Okavango, Cuando, and upper Zambezi Rivers, is distinguished from the other species belonging to the “L.” hutereaui species complex by the following exclusive character states: an inconspicuous reticulate pattern on scale margins (vs. conspicuous); banded anal, dorsal, and caudal fin in females (vs. hyaline); faint bands in the middle rays of caudal fin in males (vs. conspicuous bands); rounded caudal fin in males (vs. slender); bright green-blue color in some of the flank scales (vs. absent); quadrate posterior margin with a deep concavity (vs. convex or about straight); and first dorsal-fin ray inserted in a vertical to second and third anal-fin ray (vs. fourth to eighth). Additionally, other morphometric, meristic, and osteological characters in combination proved to be useful in distinguishing the new species. Through the analysis of type material and recently collected specimens, the little known species “L.” chobensis is considered as a valid species and redescribed. It is easily distinguished from the other species belonging to the “L.” hutereaui species complex by a combination of external morphology, osteology, and coloration pattern characters. Comprehensive information on the osteology and external morphology of topotypes of “L.” hutereaui are presented, and description of coloration in life is provided for specimens from the Ubangui River, in the Central African Republic.