Trypanosoma fallisi n. sp. is described from Bufo americanus in Ontario. The parasite was observed in 65 of 94 toads examined. The trypanosomes were pleomorphic with respect to the age of infections, being longer and broader in early infections (during spring and summer) and shorter and more slender during late summer and autumn. They ranged in size from 38-76 microns in body length and 3-8 microns in width, with a free flagellum 6-30 microns long. Epizootiological and experimental evidence suggests that this trypanosome is transmitted to the toads by the leech, Batracobdella picta. Trypanosoma fallisi is morphologically similar to T. bufophlebotomi described in Bufo boreas from California, but geographic isolation, host and vector differences as well as slight morphological differences indicate that speciation has occurred. Similar trypanosomes from Bufo americanus (which were identified as T. bufophlebotomi) in Michigan, are probably T. fallisi. This species shares many ultrastructural features with trypanosomes of other lower vertebrates and also of mammals.