Hyphessobrycon nicolasi is described from the Uruguay River basin in the Mesopotamian Region, Entre Ríos, Argentina. The new species can be distinguished from all congeners by the presence of a well-defined oblique and marginal black stripe on each lobe of the caudal fin. Other characters defining H. nicolasi are the possession of 1-3 teeth with 3-10 cusps on maxilla; outer premaxillary row with 2-3 small teeth, with 5 or 7 cusps; iv-vi, 27-36 anal-fin rays; 33-36 scales on the longitudinal series; two vertical dark spots on the humeral region; dorsal and anal fins dappled in black and base of caudal fin bearing conspicuous black spot; and the presence of bony hooks on the rays of dorsal, anal and caudal fins of the mature males.