Hypsolebias picturatus was described scientifically by Dr. Wilson Costa, Brasil in 2000. It belongs to the Family Rivulidae as all fishes in this site. The tribe it belongs to is Cynolebiini. Costa ercted the subgenus Hypsolebias in 2006 and this species was placed in that subgenus that in 2011 was upgraded to the genus level. The type locality is found at Volta das Pedras, Rio Sao Francisco basin, Bahia state, Brasil. Dr. Wilson Costa also was the discoverer of the Hypsolebias picturatus together with A. Bacellar, F. Pupo and E. Araujo on May 4, 1999.
The name (Etymology) was given after the latin prase "pictus" what means "Painted" in reference to the beauty of colors and pattern in males.The species has similarty with H. magnificus but shows dots versus lines on the unpaired fins. Besides the terra typica there is a second known collecting site called "Boa Vista do Lagamar", Bahia state, Brasil.