A novel hysteretic tuned mass damper (HTMD) is presented in this work, designed to mitigate the seismic risk of structures through an innovative mechanism. The device comprises steel wire ropes connected at one end to a moving mass and at the other to the primary structure via a specially developed clamping system that incorporates a double sliding mechanism. Lateral motion of the clamp is constrained by bumpers, additively manufactured from thermoplastic polyurethane. Following a description of the design concept, the device’s nonlinear behavior is characterized through dynamic experimental tests. Shaking table tests are also performed on a laboratory-scale structural prototype to evaluate the HTMD’s effectiveness under seismic excitation. Numerical simulations of the tests are conducted in OpenSees using a custom implementation of a modified Bouc-Wen model, developed to capture the unique pinched hysteresis with near-zero stiffness around the origin of the device. Results from experimental testing confirm the HTMD’s capability to reduce structural response under seismic loading, while comparisons with simulation data validate the accuracy of the proposed numerical model.