Two new species of Megalostrata Karsch, 1880 are described: M. paludosa spec. nov. based on male and female specimens gathered in mangrove swamps in the Colombian Caribbean, and M. pacifica spec. nov., based on a female specimen from Heredia, Costa Rica. Megalostrata monistica (Chamberlin, 1924) from the Mexican west coast is redescribed, M. bruneri (Bryant, 1936) from the Island of Cuba is re-diagnosed based on photographs of the holotype, and the female of M. depicta (O. Pickard-Cambridge, 1895) from Southeast Mexico is described for the first time. The known range of M. raptor (L. Koch, 1866), which was previously known from the Central American mainland, is extended to Curaçao, Caribbean Netherlands. A distribution map and key to the six known species of Megalostrata are also provided.