Nymphaea thermarum Eb. Fisch. (family Nymphaeaceae) is a small waterlily endemic to Rwanda that has been categorized as Extinct in the Wild since 2010. We report the rediscovery of N. thermarum in July 2023, not far from its locus classicus, identify the current and potential threats to the wild population (mining and overharvesting by collectors, respectively) and recommend the urgent conservation measures and research required to save the species from extinction. The species occupies small muddy ditches fed by hot spring water used for avocado plantations and fish pools. The population comprises hundreds of individuals, including reproductive adult plants, and seedlings. In the short term, conservation actions should include land protection, negotiation to ensure that sufficient water is reaching the habitat of N. thermarum and the reassessment of the species on the IUCN Red List, probably as Critically Endangered. In the medium term, the creation of a nature reserve, the restoration of the areas already affected by mining, and the reintroduction of N. thermarum to its original site would support long-term in situ conservation of the species. Further research should clarify the total and effective population size, population structure, ecology and genetics of this species.