A brake caliper with an integral parking brake. The brake caliper includes a housing having a bore with tapered walls, a piston having a rod mounted within the bore, a wedge element positioned between the rod and the tapered walls and displaceable to a locking position and a release position, a resilient element positioned to displace the wedge element to the release position, and a locking element for selectively displacing the wedge element to the locking position. When the locking element is momentarily actuated while a hydraulic pressure is present, the wedge element is urged to the locking position, thereby holding the brake caliper in a braking position when the hydraulic pressure is removed and then the locking element is de-actuated. A hydraulic pressure sufficient to cause the resilient element to urge the wedge element to the release position is effective to release the caliper.