Larval and pupal stages are described for Eueides lybia lybia (Nymphalidae: Heliconiinae) in Suriname. Its hostplants are Passiflora nitida and P. glandulosa (Passifloraceae). Based on characters of the habitus of the imago, the male genitalia, the late larval stages and barcodes, it is argued that Eueides lybia consists of two species, Eueides lybia (Fabricius, 1775) and Eueides olympia (Fabricius, 1793) revised status. The most straightforward way to distinguish between the two is the costal streak on the ventral forewing of the imago: red in E. lybia and yellow in E. olympia. E. olympia is considered to have three subspecies, E. olympia olympia (Fabricius, 1793) new status, E. olympia lybioides Staudinger 1876 new status and E. olympia salcedoi K. Brown & F. Fernández Yépez, 1985 new status. E. olympia lybioides may turn out to be a distinct species, as may populations of E. lybia from Peru.