Panaeolus tropicalis is a species of psilocybin producing mushroom in the family Bolbitiaceae.

The gills are adnexed, distinctly mottled, and dully grayish with blackish spots.

The stipe is 5–12 cm long, 2–3 mm thick, hollow, and vertically striate.

It is blackish towards the base, greyish towards the apex, and pallid to whitish fibrils run the length of the stipe.

Panaeolus tropicalis spores are dark violet to jet black, ellipsoid, and 10.5–12.0 x 7–9 μm.