Isoetes hyemalis, sp. nov., is described from deciduous and mixed forest swamps in the southeastern United States. Populations are known from Virginia, South Carolina, and North Carolina, with the greatest number occurring in the latter. The tetraploid I. hyemalis is found primarily on the Coastal Plain, with a few populations occurring in lower elevation Piedmont streams. Ecological, morphological, and geographic characteristics are described and discussed. Speculation on the origins and affinities of this new species is offered.