A new frog species of the genus Diasporus is described from Llano Tugrí, Corregimiento de Peña Blanca, Distrito de Müna, Comarca Ngöbe-Buglé, Serranía de Tabasará, west-central Panama, around 1700 m a.s.l. The new species differs from all other members of the genus by a combination of morphological characters, in particular, its large size, its dorsal skin texture and its bright coloration. This species is the largest species in the genus Diasporus; it is an inhabitant of cloud forest, living among mosses and bromeliads. All specimens were found between the understory (≈ 1–2 m) and the mid-canopy (≈ 2–10 m). The call of this species consists of single, short notes that are reminiscent of a “whistle” and range from 2.0 to 2.7 kHz. Herein we present, besides morphological data used to describe the new species, the description of the male mating call, a distribution map, and brief ecological notes.