A new subfamily Homalomitrinae is established for two enigmatic Neotropical genera, Homalomitra Borgmeier, 1931 and Sphaeromitra gen. n. which are diagnosed on the basis of newly discovered characters. All available specimens of the group are revised. Two new species of Homalomitra, H. antiqua sp, n. (Costa Rica, Brazil) and H. tenuior sp. n. (female only; Colombia, Ecuador) are described and the remaining species of the genus, H. ecitonis Borgmeier, 1931 (type species, Brazil) and H. albuquerquei Mourgués-Schurter, 1987 (Costa Rica) are redescribed. A key to Homalomitra species is given. Sphaeromitra inepta gen. et sp. n. is described from Peru. Phylogenetic relationships of Homalomitrinae, both its genera and all species included are discussed.