The 2m-long reptile is a monitor lizard, the group to which the world's longest and largest lizards belong.
The monitor, described as spectacular by the scientists who found it, lives in forests covering the Sierra Madre mountains in the north of the country.
The striking reptile has bright yellow, blue and green skin, and survives on a diet of just fruit, yet until now it has escaped the eyes of biologists.
Here we are in 2010 and animals this big are just now being discovered. Hmm, Bigfoot is looking better all the time.