The complete larval development of the ghost shrimp Lepidophthalmus siriboia Felder & Rodrigues, 1993 was described and illustrated in detail from specimens reared in the laboratory. Ovigerous females were collected at Canela Island in the northeastern region of the State of Pará. The larvae hatch as a prezoea, in which they persist for less than 3 hours. The larval development consists of three zoeal stages and a megalopa. The zoeal development averaged from 69 to 111 hours. The period in the megalopa stage was about 185 hours (about 8 days). The percentage of individuals succeeding in molt into juvenile stage was 91,8%. The first juvenile stage was reached 254 hours (about 10 days) after hatching. Morphological comparisons and their relationship with larvae of congeneric species are briefly discussed.