Two new species of Pericopini (Erebiidae, Arctiinae) are described from Guatemala: Gnophaela baileyi sp. nov. and Dysschema faustinoi sp. nov. Detailed species descriptions are based upon morphological and molecular characters as well as distributional data. Analyses of the CO1 locus (a 658 nucleotide sequence commonly referred to as a barcode) in 397 individuals of the genus Dysschema Hübner reveal that many taxonomic changes recently proposed by V. O. Becker are not supported by molecular data. Dysschema appears not to be a genus of wide ranging species but rather a complex of more localized species that require redefinition using more detailed morphological, molecular, and ecological data.