The Filter Bank Multi-Carrier (FBMC) based systems are being seriously considered for 5G Radio Access Technology (RAT). As FBMC-OQAM is a multi-carrier technique, it suffers from the high Peak-to-Average Power Ratio (PAPR) and directly applying the PAPR reduction schemes proposed for OFDM to FBMC-OQAM turns out to be ineffective, due to its overlapping structure. In this paper, a scheme named as Dispersive Selective Mapping (DSLM) is proposed, which is an extended and generalized version of Overlapped Selective Mapping (OSLM). Simulation results show that performance of this method is very closely trailing to that of OFDM.