A URM 4692 strain of Rhizopus oryzae filamentous fungi was isolated from activated sludge, adapted to the lipase production from a fatty industry and screened to be used in the treatment of the effluent. The efficiency of a liquid enzymatic preparation, produced by the fungus with waste from the local biodiesel industry, was evaluated in a pretreatment stage of the effluent. The production of extracellular lipase by R. oryzae was substantially enhanced when the type and concentration of carbon and nitrogen source, the initial pH of culture medium and the growth temperature were consecutively optimized. The preliminary crude preparation lipase activity as high as 389,62 U.L-1U/g of cell culture was obtained at optimum conditions, comparing favourably with most of the activities reported for other lipase hyperproducing microorganisms at other works. The enzyme was optimally active at pH 6.5 and 37°C. Industrial co-products oils have been used as efficient media for the production of lipase by R oryzae. The characterization and application of lipases to catalyze reactions with commercial potential will significantly broaden the spectrum of industrial biotechnology. Therefore, this result showed that the agroindustrial residue used in the research was the main variable that originated an efficient production of lipase.