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Lipase activity in alcoholysis and esterification reactions were studied for crude latex from the subtropical Babaco plant (Carica pentagona). The results reveal that crude Carica pentagona latex exhibits equivalent biocatalytic properties in synthesis reaction via triacylglycerol alcoholysis and in esterification reaction compared to the crude latex from Carica papaya (the reaction yields are 72.3% and 70.2% respectively after 3 hrs for alcoholysis and 31.8% and 33.8% for esterification after 24 hrs). In contrast, commercially crude papain expresses lower reaction yield than crude latices from the two Carica species (28.9% in alcoholysis and 5.4% in esterification).