The ithomiine genus Megoleria Constantino is revised. The genus contains two species, each with three subspecies, of which one, Megoleria orestilla polyllan. ssp., is described and named here. We discuss the morphological characteristics of the genus, review its systematics, designate lectotypes for four names, and summarize the biology of each of its constituent taxa. The immature stages of Megoleria orestilla (Hewitson), feeding on Drymonia urceolata Wiehler, are described for the first time.