The new perovskite PbVO3 was synthesized under high-temperature and high-pressure conditions. Its crystal structure (a = 3.80005(6) A, c = 4.6703(1) A, Z = 1, S.G. P4mm) contains isolated layers of corner-shared VO5 pyramids, which are formed instead of octahedra due to a strong tetragonal distortion (c/a = 1.23). The lead atom is shifted out of the center of the unit cell toward one of two [VO2]-layers due to the influence of the lone pair. This new perovskite exhibits a semiconductor-like ρ(T) dependence down to 2 K. This behavior can be qualitatively explained by taking into account strong electron correlations in electronic structure calculations.