Several environmental parameters related to the spawning season of the freshwater fish, Psectrogaster rhomboides were identified. The hypothesis predicts synchrony of the spawning season with the rainy period, presenting a seasonal reproductive strategy. This study investigated the total body length and body mass, sex ratio, body size at first sexual maturity, gonadosomatic index, condition factor, fecundity and reproductive period of P. rhomboides in the natural environment. Twelve monthly samplings (mean n = 20) were carried out from March 2009 to February 2010. Fish were captured using 4 cm diameter cast nets and environmental parameters such as rainfall, temperature, dissolved oxygen concentration, pH and electrical conductivity of the water were registered. The sampled population of P. rhomboides (n = 444) showed a sex ratio of 1 : 1. Females attained first sexual maturity at 15 cm total length and males at 15.3 cm total length. Spawning occurred from March to May, with high gonadosomatic index values during the rainy season. This species is a total spawner, with a mean fecundity of 6188 (±367) mature oocytes. P. rhomboides presents a seasonal reproductive strategy, providing a population increase and exploitation of the environmental resources during the rainy period. Rainfall (196.5 ± 4.9 mm) and the concentration of dissolved oxygen (7.82 ± 0.7018 mg L−1) were influential factors during the spawning season. Gonadosomatic index and the condition factor were negatively correlated during the gonadal development cycle of this species. The monthly gonadosomatic index values show that spawning begins when the rainy season is at its maximum and ends synchronously (females r = 0.9171; males r = 0.889) with the end of the rainy season.