Two isolates of Basidiobolus namely, B. haptosporus (ATCC 36600) and B. ranarum (MHB1), and one isolate of Conidiobolus coronatus (C1) were grown in modified Sierra medium for twelve days. Periodic measurements of their lipase activity showed significant activity of the enzyme from the fourth day with a steady increase up to the twelfth day of incubation. The lipases produced by the three isolates were stable over a wide range of pH (4-8) and temperature (30-60 degrees C). Maximum lipase activity for B. haptosporus and C. coronatus was at pH 5.0 and that for B. ranarum was at pH 6.0. The three fungi exhibited a peak of activity at the same temperature, i.e. 35 degrees C.