The Changning–Menglian Belt represents the main Paleo-Tethyan Suture in the southeastern Tibetan Plateau, which divides Gondwana- and Eurasia-derived continental fragments from each other. The belt contains ultramafic–mafic volcanic rocks that provide evidence of the tectonic processes which operated during the evolution of the Paleo-Tethyan Ocean. New geochemical data for Early Carboniferous volcanics in the southern Changning–Menglian Belt show that wehrlites have cumulate and poikilitic textures, and contain low-Fo (84.2–87.2) olivine, clinopyroxene with low Mg# values (79.4–85.6), and spinel with high Cr# values (67.8–72.4). Estimated equilibrium temperatures obtained using olivine-spinel Fe-Mg exchange geothermometry range from 978°C to 1373°C (mean = 1205°C; n = 3). These observations combined with a lack of reaction or melt impregnation textures indicate that these units represent magmatic cumulates rather than having formed as a result of mantle-melt reactions. Both wehrlites and basalts in the belt have subparallel rare earth element (REE)-and primitive-mantle-normalized multi-element patterns with slightly positive Nb-Ta anomalies, but negligible Eu and Zr-Hf anomalies. The volcanics have similar Sr-Nd-Pb isotopic compositions with εNd(t) values of 4.2–4.5 (mean = 4.3; n = 3) and 4.0–4.4 (mean 4.2; n = 4), respectively, and also have similar immobile element ratios, such as Nb/La, Nb/U, Th/La, Zr/Nb, Th/Ta, La/Yb, Nb/Th, Nb/Y, and Zr/Y. These characteristics indicate both units have ocean island basalt (OIB)-like geochemical affinities, consistent with the fact that the clinopyroxene in the wehrlites is compositionally similar to OIB-related cumulus clinopyroxene. This suggests that both the wehrlites and basalts were derived from similar parental magmas that underwent generally closed-system magmatic differentiation dominated by fractionation of the olivine and clinopyroxene. This parental magma was likely generated in an oceanic seamount setting from an OIB-type mantle source (i.e., asthenospheric mantle) containing garnet-spinel lherzolite material. Combing this new data with that from oceanic seamount volcano-sedimentary suites derived from previous research enables the identification of a mature late Paleozoic ocean basin between the passive northeastern Gondwanan margin and the northward-migrating microcontinent of Lanping–Simao.