Two immobilized preparations from Thermomyces lanuginosus lipase (TLL) were compared in the synthesis of butyl butyrate. The commercial Lipozyme TL-IM, and TLL immobilized on styrene–divinylbenzene beads (MCI-TLL) were tested in the esterification reaction using n-hexane as solvent. The variables temperature (30–60 °C), substrate molar ratio (1:1 to 5:1), added water (0–1%), and biocatalyst content (3–40%) were evaluated in terms of initial reaction rate for each biocatalyst. SDS–PAGE analysis revealed that MCI-TLL had an immobilized enzymatic load twice as high as Lipozyme TL-IM, but with an activity 3-fold higher. MCI-TLL presented high initial reaction rates up to 1.0 M butyric acid, while Lipozyme TL-IM showed a decrease in its activity above 0.5 M. Moreover, MCI-TLL allowed a productivity of 14.5 mmol g−1 h−1, while Lipozyme TL-IM 3.2 mmol g−1 h−1, both by mass of biocatalyst.