Parodiolyra aratitiyopensis J. R. Grande (Poaceae, Bambusoideae, Olyreae, Olyrineae) is described and illustrated with material from Cerro Aratitiyope, in the southern part of Amazonas, Venezuela. This new taxon can be distinguished from P. luetzelburgii (Pilg.) Soderstr. & Zuloaga, the most similar species, by its smaller habit, smaller and linear-lanceolate leaf blades with a rounded or truncate base and scabrous margins (vs. fimbriate margins), smaller inflorescences that are scabrous only at the nodes, female spikelets with hairs to 1 mm long through the middle of the glumes, and linear-fusiform male spikelets. A key to differentiate the six species of the genus Parodiolyra Soderstr. & Zuloaga as presently understood is included, and a discussion of their possible relationships based on morphological characters is also offered.