Abstract: A new species, Inocybe lemmi, is described from alpine areas of Sweden. It is closely related to I. candidipes, associated with Pinus ponderosa and described from the south-western United States. Both belong to the I. praetervisa group in section Marginatae, reserved for species characterized by a stipe with abundant caulocystidia in the upper half, which are sparce in lower half of the stipe. Other species in the I. pratervisa group have distinctly nodulose heterodiametric spores, while I. lemmi and I. candipes have basally nodulose to angular spores with an elongated apex. A single collection from the alpine zone in Colorado was identified as representing a third lineage, closely related to I. lemmi and I. candipes. The holotype of the recently descriped species, I. tundrae, was studies and is confirmed to be a later synomym of I. rivularis.