Elaeoluma ferruginea (Chrysophylloideae, Sapotaceae) is here described as a new species for science which is morphologically closely related to Elaeoluma schomburgkiana. A description, illustration, comments on geographic distribution, and phenology information are provided. A key for the genus with all five known species is provided. In addition, the only remaining species of Podoluma, Podoluma pacimoniensis, is proposed as a new synonymfor Elaeoluma schomburgkiana, placing Podoluma under complete synonymy of different genera in Sapotaceae. Three lectotypes are proposed for different names related to Elaeoluma: a specimen at K herbarium for Lucuma glabrescens (currently accepted name under Elaeoluma glabrescens), a specimen at U is designated here as the second-step lectotype of the name Myrsine schomburgkiana, and another specimen at K for the name Chrysophyllum oleaefolium (last two names currently accepted as Elaeoluma schomburgkiana).