Fifty-nine lipase-producing fungal strains were isolated from Brazilian savanna soil by employing enrichment culture tecniques. An agar plate medium containing bile salts and olive oil emulsion was employed for isolating and growing fungi in primary screening assay. Twenty-one strains were selected by the ratio of the lipolytic halo radius and the colonies radius. Eleven strains were considered good producers under conditions of submerged liquid fermentation (shaken cultures) and solid-state fermentation. The most productive strain, identified as Colletotrichum gloesporioides, produced 27,700 U/l of lipase under optimized conditions and the crude lipase preparation was capable of hydrolysing a broad range of substrates including lard, natural oils and tributyrin.