Caricaceae Dumort. (the papaya family) is primarily known for its edible fruit-bearing species, including the genera Carica L., Jacaratia A.DC., and Vasconcellea A.St.-Hil. These genera are economically and ecologically important, providing food, traditional medicine, and ecological services in their native habitats. In this study, we describe a new species within the genus Jacaratia, locally economically important and segregated from J. corumbensis Kuntze, named Jacaratia guazoubira E.C.O.Chagas & Costa-Lima sp. nov. Both Jacaratia corumbensis and the newly described J. guazoubira are found within the Seasonally Dry Tropical Forests and Woodlands biome of South America, particularly on sedimentary soils. Jacaratia corumbensis occurs in dry and semideciduous forests in the central region of South America, spanning Argentina, Bolivia, Brazil, and Paraguay, within the Bosque Seco Chiquitano, Gran Chaco, and Pantanal ecoregions. In contrast, J. guazoubira is restricted to the caatinga vegetation and dry forests of northeastern Brazil and adjacent areas, including the Caatinga ecoregion and the edges of the Cerrado. Morphologically, these two species can be distinguished by a series of reproductive characters, including sessile staminate flowers in J. guazoubira (vs. pedicellate in J. corumbensis), corolla tube 5–7 mm long (vs. 10–12 mm), reflexed corolla lobes (vs. suberect to patent), pistillate inflorescences with 5–8 flowers (vs. solitary), hypopodium 2.5–3 mm long (vs. 7–30 mm), closely spaced bracteoles (vs. sparsely distributed), pentagonal-fusiform fruits (vs. ellipsoid to pyriform), 5 greenish longitudinal ribs (vs. 8–10 cream or pinkish to reddish), and seeds with tuberculate (vs. smooth) sarcotesta. Additionally, we discuss the potential uses of these species in human and animal nutrition, their roles in landscaping, and their conservation implications. To stabilize the nomenclature and taxonomy of this group, we also designate lectotypes for J. corumbensis and its synonyms.