A new genus and species of the family Phoxocephalidae is here described with material collected during the Mini Biological Trawl Project at 224 and 500 m depth off Brazil’s southeastern coast in the states of Rio de Janeiro and São Paulo. Atlantiphoxus wajapi n. gen., n. sp. can be grouped in the subfamily Phoxocephalinae and seems to be morphologically close to Fuegiphoxus Barnard and Barnard, 1980 and Parharpinia Stebbing, 1899. However it can be easily distinguished within the phoxocephalids by the following characters: deep pereonites with small coxae; rostrum unconstricted; eyes absent; mandible molar not triturative, but as a small hump with 3 multicuspidate stout setae; pereopods 3-4 with stout dactylus; pereopod 5 basis strongly tapering distally; pereopod 7 basis anterodistal corner with a row of long plumose setae; dactylus elongate. Epimeral plate 3 posteroventral margin strongly produced.