One impediment to the industrial use of enzymes in fat and oil transformations is the higher cost often associated with an enzymatic process compared with the corresponding chemical process. Processes that utilize plant enzymes, however, may have advantages because of their lower cost and ready availability. One example of such a plant-derived enzyme is Carica papaya latex (CPL), the principal source of the protease papain. Recently, it has been shown that this latex also catalyzes the lipolysis of triacylglycerols and that this latex lipase has a selectivity for short-chain acyl groups as well as a 1,3-glycerol selectivity. These selectivities can be used in the synthesis of structured triacylglycerols. In this paper we describe the utility of CPL in lipase-catalyzed reactions, specifically the synthesis of low-calorie triacylglycerol analogs.