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Instrumental observations indicate that Amazon precipitation and streamflow extremes have increased during the last 40 years, possibly due to anthropogenic changes and natural variability. How unprecedented these changes might be is difficult to determine because some paleoclimatic, instrumental, and climate model simulations suggest that Amazonian precipitation and streamflow may be subject to multidecadal variability with return intervals longer than most direct observations. A new 258‐yearlong tree‐ring chronology ofCedrela odoratahas been developed in the eastern Amazon and has been used to reconstruct wet season precipitation totals from 1759–2016. Reconstructed drought extremes are associated with significant sea surface temperature anomalies over the tropical Pacific and Atlantic Oceans. Strong multidecadal variance is identified in the reconstruction that may reflect a component of natural rainfall variability relevant to forest ecosystem dynamics and suggesting that recent hydroclimate changes over the eastern Amazon may not be unprecedented over the past 258 years.