Scientists travelled to South America and confirmed that the animal is alive and well via video footage shot during a three-week expedition.
They found that the olinguito is most active at night, spends most of its life in trees, has one baby at a time, and generally eats fruit.
The creature is classified as a carnivore because the term - generally understood to mean a meat-eater - also applies to any other animal in the order Carnivora, which includes cats and dogs, for example.
Kristofer Helgen, who led the study, said: "The discovery of the olinguito shows us that the world is not yet completely explored, its most basic secrets not yet revealed.
"If new carnivores can still be found, what other surprises await us? So many of the world's species are not yet known to science. Documenting them is the first step toward understanding the full richness and diversity of life on Earth."