Lobocheilos schwanefeldii was first formally described in 1854 by the Dutch physician, herpetologist and ichthyologist Pieter Bleeker with its type locality given as Solok in Western Sumatra.

An allusion to the "rostral cap" covereing the upper lip of L. falcifer, the type species of this genus.

The specific name honours collector of the holotype, the Dutch military surgeon H. W. Schwanefeld.

This species does not have a black blotch on the caudal peduncle but there is an indistinct dark lateral stripe running along the flank over the entire length of the lateral line,this becomes less indistinct on the caudal peduncle.

This labeo prefers the upper reaches of river systems and can be found in habitats characterised by clear water flowing from slowly to swiftly over gravel and rocky riverbeds.