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Favolus is a monophyletic genus of polypores that causes white rot of various woody plants. The genus has a worldwide distribution and is ecologically and economically important. Several taxa have been described or reported from the Neotropics, and F. brasiliensis , described originally from Brazil, is the type species for the genus. Based on molecular investigations, F. brasiliensis is now known to represent a species complex. The species is morphologically and phylogenetically circumscribed and epitypified here, and F. rugulosus is proposed as a new related species. Favolus grammocephalus and Polyporus philippinensis , initially described from Asia, have also recently been recorded from the Neotropics, so these taxa were included in this investigation employing morphological and multigene (mitochondrial, ribosomal, and protein-coding regions) phylogenetic analyses. These latter two species do not occur in the Neotropics, but the misapplied names actually represent three new species: F. pseudogrammocephalus, F. radiatifibrillosus , and F. yanomami . Nine species of Favolus are documented now for the Neotropics. Detailed descriptions of F. brasiliensis and all new taxa are provided, along with comments, illustrations, a map of potential distribution, and a key for neotropical species of Favolus .