The species was first described scientifically by American mycologists Alexander H. Smith and Lexemuel Ray Hesler in a 1942 publication. The specific epithet bakerensis refers to Mount Baker, a volcano in the North Cascades of Washington State in the United States, where the mushroom was first collected. It is commonly known by various names, including the Mt. Baker waxy cap, the brown almond waxy cap, and the tawny almond waxy cap.