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Matisia Bonpl. is a genus of Malvaceae (Matisieae) that is distributed from Nicaragua to Brazil. Twelve species of Matisia have been recorded in Panama. In this article, we add two species to the Panamanian flora, Matisia gentryi Fern.Alonso and M. tinamastiana A.Estrada & Cascante, and provide for both species full descriptions, images, a distribution map, taxonomic notes, and conservation status. Additionally, we provide an identification key for Matisia in Panama and propose the synonymization of Matisia sect. Tuberculatae Fern.Alonso under Matisia sect. Matisia.