Females have square spots on their backs, while males have slanted spots and white scales that help them blend into the rocky surroundings.
The lizard feeds on plants and small arthropods, including spiders, beetles and insect larvae.
The new species was found by researchers at an altitude of over 4,800 meters in the southern region of Arequipa and was named Liolaemus archipensis.
"The description of a new species represents a very important advance for the biodiversity of our country," biologist Ling Huamani-Valderrama at the University of San Marcos in Peru, who led the research, told AFP.
There are 296 species of lizards in Peru, according to the biologist.
