The neotropical fish Hoplias malabaricus shows diversified cytotypes and may represent a group of distinct species. One of these cytotypes is characterized by 2n=40 and 2n=39 chromosomes in females and males, respectively, with a multiple sex chromosome system of the X1X1X2X2/X1X2Y type. The Y, representing a large chromosome in male karyotype, is derived from a translocation event between two biarmed chromosomes: one of them similar to X-1 chromosome (no. 6) and another one similar to X-2 chromosome (probably no. 20). Meiotic data (standard and synaptonemal complexes analyses) show 18 bivalents and one characteristic trivalent in pachytene and metaphase I spermatocytes, as well as two kinds of metaphase II cells with 19 and 20 chromosomes. The trivalent is formed by the Y, X-1 and X-2 chromosomes and usually presents a complete pairing in pachytene. However, trivalents with partially or fully asynapsed segments are also observed. These segments are assumed to be nonhomologous regions of the X-1 and X-2 chromosomes without correspondence with the Y chromosome, which can heterosynapse. This behaviour of the sex trivalent leading to a fully paired structure, taken together with the close frequencies of the two spermatocyte types at metaphase II, suggests a normal pattern for male H. malabaricus meiosis, representing a stabilized multiple sex chromosome system in this species.