The pericarp of pequi (Caryocar brasiliense Camb.), a typical fruit found in the Brazilian cerrado, represents over 80% of the total fruit mass and its use is still incipient. Thus, we evaluated the potential of this material as substrate for the production of fiber rich powders with antioxidant capacity (PF). Wheat bran was used as a reference (WF). The effects of epicarp removal and blanching were evaluated. An enzymatic–gravimetric method was used to determine the total dietary fiber content. In vitro antioxidant capacity was evaluated by ABTS and DPPH methods. Dietary fiber contents ranged from 39.8 to 45.8 g/100g for PF in comparison to 45.84 g/100g for WF. Differences in total fiber content among PF samples was attributed to epicarp removal. The amount of soluble fibers was higher for PF (9.4 to 10.5 g/100g) in comparison to WF (3.8 g/100g), thus being more versatile in terms of applications, given the enhancement of hydration properties. Values of total extractable phenolics ranged from 15.8 to 19.0 g/100g GAE (gallic acid equivalent) for PF in comparison to 0.8 g/100g GAE for WF. All produced powders presented high antioxidant activity, ranging from 987-1155 µM TE/g for PF in comparison to 6.2 µM TE/g for WF, with direct correlation to the amount of phenolics. Desired technological properties such as oil retention capacity (1.5 g/g), water retention capacity (4.5 g/g), and swelling capacity (10 mL/g) coupled to the high values of antioxidant activity indicate that this material is a potential ingredient for functional food products.