The present study aimed to characterize the embryogenesis and larval development of matrinchã (Brycon orthotaenia), through the analysis of egg and larval morphology. Fertilized eggs had a mean diameter of 1.17 mm, with yolk occupying most of the egg (1.06 mm). Embryogenesis lasted for 15 hr at an average temperature of 27°C. At hatching, yolk‐sac larvae measured 3.67 mm in mean standard length (SL). Pre‐flexion, flexion and post‐flexion larva had 5.01, 8.24 and 11.88 mm mean SL, respectively, with significant increases observed particularly in head length, head height, and eye diameter. The yolk persisted in the yolk‐sac and pre‐flexion stages (5.96 mm SL). The mouth opening could first be observed 13 hr after hatching, and cannibalism was observed 29 hr after hatching in pre‐flexion larvae after absorption of the yolk sac; in such cases, the larvae had already developed teeth and a complete digestive tract. For an endangered species such as matrinchã, early life history studies are important because they provide researchers with a better understanding of critical stages of development and thus enhance captive management by rearing and restocking of the species.