Molecular phylogenies of cone snails have revealed that the c. 350 sequenced species are divided into four main lineages, Conus, Conasprella, Californiconus and Profundiconus. In a recent study, minute species (less than 8 mm) were for the first time included in a molecular phylogenetic tree and were shown to correspond to deep lineages, of similar status to the four previously recognized, and sister group to Californiconus. They were attributed to the available generic names Lilliconus and Pseudolilliconus. In this article, we analyse, using morphological (shell and radula) and molecular characters (cox1 gene), several species of minute cone snails, and we conclude that the species considered as Pseudolilliconus in the previous study should actually be placed in a new genus, Pygmaeconus. By comparing the cox1 genetic distances calculated among the species of Lilliconus, Pygmaeconus and Californiconus with the genetic distances calculated among other cone snails species included in different subgenera and genera, and by comparing the estimated ages of Lilliconus and Pygmaeconus with the ages of other caenogastropod genera, we conclude that Lilliconus and Pygmaeconus can be considered at the genus rank.