Species of the eelpout genus Lycodes with a lateral line configuration containing a complete ventral row of neuromasts and a mediolateral row from above the anal fin origin toward the caudal fin were reviewed. The 434 specimens examined belong to five species: Lycodes albolineatus Andriashev, 1955; Lycodes concolor Gill and Townsend, 1897; Lycodes pallidus Collett, 1878; Lycodes squamiventer Jensen, 1904; and Lycodes paamiuti n. sp. The new species is most closely related to L. pallidus and L. squamiventer and differs mainly in the larger pupil, shorter nostril tube, more anterior intercession of the dorsal fin (first ray associated with vertebra 4–5 (rarely 6) versus 6–9 (rarely 5) in L. pallidus and L. squamiventer). Lycodes paamiuti n. sp. is an Arctic species, occurring on continental slopes in Baffin Bay to the Norwegian Sea, in depths of 350–1300 m. Separation of L. squamiventer from L. pallidus was originally based mainly on the more dense squamation in L. squamiventer, and the validity of the species is here supported by differences in number and size of the pharyngobranchial teeth.