The Serra do Cipó, part of the central portion of the Espinhaço Range in Minas Gerais, Southeast Brazil, is known to have been extensively investigated over the past three decades, especially because of the “Flora da Serra do Cipó” project. Nevertheless, some areas have been poorly collected as the efforts were largely concentrated near the roads. Various new species, in several families, have been recently discovered in the campos rupestres of the Serra do Cipó. Here we report the discovery of a new species of Stemodia (Plantaginaceae) from the northwestern slopes. We describe and illustrate the new species based on morphological and micro-morphological evidence, provide information on its taxonomy, habitat, geographical distribution, and conservation status, along with a key to distinguish it from the related species. Stemodia cipoensis is similar to S. harleyi, S. lobata, and S. stellata, being characterized by the presence of long, stiff, curved, eglandular trichomes. It has been assessed as CE (critically endangered) under criteria B1ab(iii) and B2ab(iii), following IUCN guidelines.