The present study was conducted as a randomized, placebo-controlled, double-blind, within-subject design to investigate the influence of pharmahuasca on cognitive bizarreness as a formal measure of dreamlike state quality. Pharmahuasca is a pharmaceutically produced analogue of the psychedelic substance ayahuasca, here consisting of N,N-dimethyltryptamine (DMT) and harmine. 31 subjects were administered pharmahuasca, placebo and harmine, or placebo substances alone on three different days. Qualitative microphenomenological interviews were conducted at the estimated peak of the drug-induced effects. These interviews were then transcribed and analyzed using a standardized coding system according to Hobson (2009). Thus, indices regarding the overall expression of cognitive bizarreness as well as indices for each category and subcategory of this variable could be calculated. Analyses of variance (ANOVAs) were computed to specify statistical differences in cognitive bizarreness among the three experimental conditions. It was demonstrated that pharmahuasca significantly increased cognitive bizarreness compared to harmine and placebo and thus these effects were primarily driven by DMT. The distribution of cognitive bizarreness across categories and subcategories is similar to the distribution of cognitive bizarreness in dreams. Thus, the present results support the recurrent comparison of the psychedelic-induced state of consciousness with the dream state. It can be concluded, that pharmahuasca induces dreamlike perception and cognition.