Detailed illustrated descriptions are given for Russula panamae sp.nov, Russula aucarum, R. puiggarii and R. venezueliana, all of which are reported for the first time from Panamá. For Russula venezueliana and R. aucarum, it is also the first record since their original description. Taxonomy, systematic position, and related species are discussed for each species. Russula ochrostraminea is probably a synonym of R. venezueliana and section Delicoarchaeae is considered a possible synonym of subsection Lactarioideae or of section Metachromaticae.