We describe two new species of Collaea DC. (Leguminosae, Papilionoideae, tribe Diocleae) recognized within the C. speciosa complex. Collaea boliviana, probably endemic to the Santa Cruz Department, Bolivia, is morphologically similar to C. speciosa and C. maxima, but differs by its smaller and narrower leaflets, shorter petiolules, reduced inflorescences, and calyx tube with whitish indument. Collaea limae, restricted to the Mantiqueira and Serra do Mar ranges of southeastern Brazil, resembles C. cipoensis and C. coccinea but can be distinguished by its conduplicate leaflets, longer petioles, whitish-lavender to mauve petals, whitish calyx indument, and a suborbicular standard with glabrous callosities. Both species are documented from few collections and exhibit restricted ranges in montane environments. Conservation assessments indicate that C. boliviana should be considered Data Deficient (DD), whereas C. limae is provisionally assessed as Vulnerable (VU) under IUCN criteria. An updated identification key to all recognized species of Collaea is also provided.