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A new species of the genus Megacormus Karsch from the Mexican state of Oaxaca is described. The new species is most similar to M. segmentatus Pocock, with which it is compared; the two species are most readily separated by male characters. The male of M. segmentatus is also described, based on material from two new localities in Veracruz. Hemispermatophores of three of the four species in the genus are illustrated, providing evidence of their usefulness in species level taxonomy. Finally, new records for M. gertschi Diaz, including the first accurate localities in Puebla, are given.