A multiobjective optimization of an organic Rankine cycle (ORC) evaporator, operating with toluene as the working fluid, is presented in this paper for waste heat recovery (WHR) from the exhaust gases of a 2 MW Jenbacher JMS 612 GS-N.L. gas internal combustion engine. Indirect evaporation between the exhaust gas and the organic fluid in the parallel plate heat exchanger (ITC2) implied irreversible heat transfer and high investment costs, which were considered as objective functions to be minimized. Energy and exergy balances were applied to the system components, in addition to the phenomenological equations in the ITC2, to calculate global energy indicators, such as the thermal efficiency of the configuration, the heat recovery efficiency, the overall energy conversion efficiency, the absolute increase of engine thermal efficiency, and the reduction of the break-specific fuel consumption of the system, of the system integrated with the gas engine. The results allowed calculation of the plate spacing, plate height, plate width, and chevron angle that minimized the investment cost and entropy generation of the equipment, reaching 22.04 m2 in the heat transfer area, 693.87 kW in the energy transfer by heat recovery from the exhaust gas, and 41.6% in the overall thermal efficiency of the ORC as a bottoming cycle for the engine. This type of result contributes to the inclusion of this technology in the industrial sector as a consequence of the improvement in thermal efficiency and economic viability.