Oleyl oleate can be considered a synthetic analogue of jojoba oil. This one has been the main natural source of wax esters for commercial applications since the global ban on whale hunting. Lipase catalyzed production of this ester was carried out using oleic acid and oleyl alcohol in a solvent-free system. Lipase from Rhizopus sp. CBMAI 1127 was used as the biocatalyst and commercial enzyme Lipozyme TL $IM^{(R)}$ was used to compare results. The acid/alcohol molar ratio showed significant effects for both lipases and the amount of enzyme had a significant effect just for Lipozyme TL $IM^{(R)}$. The rate of the esterification reaction using lipase from Rhizopus sp. CBMAI 1127 was very similar to that obtained with commercial lipase. The present study also evaluated antimicrobial and emulsifying properties of this ester. Emulsifying capacity of the synthesized oleyl oleate was lower than Tween 80 and sodium dodecyl sulfate, and no antimicrobial activity was observed.