Phrynocephalus theobaldi (common names: Theobald's toad-headed agama, snow lizard, and others) is a species of lizard in the family Agamidae.

The specific name, theobaldi, is in honor of British naturalist William Theobald.

[4] P. theobaldi is found in eastern Turkestan, India (Kashmir and Ladakh), Nepal and western China (Xinjiang and southern Tibet).

[1][3] Its type locality is "Lake Tso Moriri" = Tsho-marari, Rupshu, Ladakh.

The preferred natural habitats of P. theobaldi are desert, grassland, and shrubland, at altitudes of 2,700–4,200 m (8,900–13,800 ft).