Dielectric dispersion analysis has been carried out for the first time on a new quaternary ceramic [0.47(Bi0.5Na0.5)TiO3-0.04BaTiO3-0.31Pb(Mg1/3Nb2/3)O3-0.18PbTiO3] having a morphotropic phase boundary composition. The measurement of the dielectric parameters has been carried out in the frequency range of 200 Hz to 2 MHz and temperature range from 30 oC to 300 oC. The material showed high dielectric constant, low dielectric loss, negligible DC conductivity and high ferroelectric to paraelectric transition temperature. A clear Debye type relaxation was observed in the dielectric constant and dielectric loss data. An interesting feature of two Debye peaks has been noticed in dielectric loss versus frequency curves in the temperature range 125 oC to 175 oC. These peaks shift towards higher frequencies when temperature is increased. The extracted relaxation times of the two peaks are three orders of magnitude different and have been found to follow the Arrhenius law with significantly different activation energies.