Brycon gouldingi is an endemic species from Tocantins-Araguaia basin, used as a food source by riverine communities and relevant to aquaculture. Information about the initial morphology of B. gouldingi, a recently described species, is absent. In the present study, we analysed the fertilization and the embryonic development of this species based on light and scanning electron microscopy. After collection of adult specimens in Mortes River – Mato Grosso, Brazil, adaptation to captivity and induced spawning at Buriti Fishculture, Nova Mutum – Mato Grosso, Brazil, in December 2007 and January 2008, samples were collected at pre-defined periods from egg extrusion up to larval hatching, which occurred at 13.9 ± 0.06 h post-fertilization (hpf) in average. At the moment of extrusion, the eggs were slightly ovoid bearing a single micropyle per oocyte with a funnel-shaped micropyle canal and vestibule covered with longitudinal folds, typical of the genus Brycon. The embryonic development of B. gouldingi was characterized by six stages with distinct features: zygote (from fertilization up to formation of egg-cell); cleavage (cell divisions resulting in blastomeres, including the morula phase); blastula (several embryonic cells in a cup shape, without distinction of cell boundaries); gastrula (cell movement); histogenesis/organogenesis (formation of tissues and organs); and hatching (larval chorion rupture). Right after hatching, the larvae presented neither swimming abilities nor visual accuracy, and the digestive trait was undifferentiated. The present study is the first report on biological features of embryogenesis in B. gouldingi, providing relevant information to several approaches, mainly related to taxonomy, ecology, conservation and captive rearing of this new Brycon species.