Abstract Some aspects of reproduction in two species of Mimagoniates, M. microlepis (Steindachner 1877) and M. rheocharis Menezes & Weitzman 1990 are herein described. Samples were taken monthly from January 1998 to February 1999 in two streams in the locality of Maquiné, Rio Grande do Sul, Brazil. Results from the analysis of hundreds of specimens of M. microlepis and M. rheocharis in two investigated sites indicated mature specimens and peaks of the gonadosomatic index (GSI) along the year. There was a negative and significant correlation between M. microlepis male’s GSI and water temperature. Females of the latter species and both sexes of M. rheocharis, in turn, showed no correlation with any of the tested parameters (relative stomach weight, day length, rainfall). Absolute and relative fecundity are lower than in externally fertilized species of Characidae. Maximum oocyte length was 1.14 mm for M. microlepis and 1.02 mm for M. rheocharis and both species were characterized as total spawners based on the type of oocyte development estimated through oocyte size analysis. Features like non-seasonal reproductive period, low fecundity, and insemination may indicate adaptive advantages, which may enhance the chance of survival even with low energetic investment and improved fertilization.