This study reported the chemical composition, phenolic content, antioxidant and anti-lipase activity of oregano and Lippia essential oils. The major compounds found in oregano essential oil were γ-terpinene (32.10%), α-terpinene (15.10%), p-cymene (8.00%) and thymol (8.00%). In Lippia essential oil, α-limonene (76.80%) and 1,8-cineole (4.95%) represented the major compounds. Oregano essential oil had higher phenolic content (12.47 mg gallic acid mL−1) and DPPH scavenging activity (IC50 0.357 μg mL−1) than Lippia essential oil (7.94 mg gallic acid mL−1 and IC50 0.400 μg mL−1, respectively). Both essential oils had similar antioxidant indexes (about 1.2) determined by Rancimat. Moreover, oregano essential oil had also higher anti-lipase activity (IC50 5.09 and 7.26 μg mL−1). Higher phenolic content in the essential oils was related with higher scavenging and anti-lipase activities. Oregano and Lippia essential oils could be used as natural antioxidants on food products.