Abstract Pequi pulp oil, Caryocar brasiliense, is rich in carotenoids, antioxidant compound easily oxidized by the presence of heat, light and oxygen. In order to improve its stability, pequi oil was microencapsulated by complex coacervation using gelatin and Arabic gum as encapsulating agents. Twenty formulations were prepared using a 23 central composite rotational design. The influence of temperature, stirring velocity and core material in the oil coacervation were evaluated, aiming to preserve carotenoids present in the oil. The best yield values and carotenoids content were obtained at the midpoint of the design (7.5g core, 15.000rpm and 50°C). Particles showed asymmetric distribution, with diameter ranging from 15 to 145 µm and the efficiency of the encapsulation process, obtained by the retention of oil in the microcapsule, ranged from 66.58 to 96.50%, thus demonstrating the encapsulation efficiency of this method.