Multiple dimensions of biodiversity within and across producer and consumer guilds in the food web affect an ecosystem’s functionality and stability. Tropical and subtropical aquatic ecosystems, which are extremely diverse, have received much less attention than terrestrial ecosystems in regards to the effects of biodiversity on ecosystem functioning. We conducted a field experiment that tested for effects of macrophyte functional diversity on diversity and stability of associated fish assemblages in floodplain lakes of the Upper Paraná River floodplain, Brazil. Three levels of macrophyte functional diversity were maintained through time in five floodplain lakes and response variables included various components of fish taxonomic and functional diversity and stability. Components of functional diversity of fish assemblages were quantified using a suite of ecomorphological traits that relate to foraging and habitat use. Response variables primarily distinguished macrophyte treatments from the control. Macrophyte treatments had, on average, double the number of species and total abundance than the control treatment, but only limited effects on stability. The high diversity treatment was essentially nested within the low diversity for assemblage structure and had similar or even slightly lower levels of species richness and abundance in most cases. Gymnotiformes and young-of-year were diverse and relatively abundant in macrophyte treatments contributing to the large differences in diversity between macrophyte and control treatments. Higher fish diversity in structured habitats compared to more homogenous habitats is likely associated with increased ecomorphological diversity to exploit heterogeneous microhabitats and resources provided by the macrophytes.