Amanita cinereovelata is described and illustrated as a new species of Amanita sect. Lepidella from Bangladesh. The species is characterized by its small to medium-sized basidiomata, gray to lilac-gray pulverulent-floccose volval remnants on the pileus, a bulbous stipe base, globose to subglobose amyloid basidiospores, the presence of clamps at the bases of basidia, and an association with Shorea robusta. Molecular phylogenetic analysis indicates that A. cinereovelata is a species sister to A. eriophora, A. longipes, A. tephrea and A. vestita. Comparisons with morphologically similar taxa are provided.