Optimization of lipase production by fish gut isolate Vibrio sp. was investigated. Effect of different lipidic substrates on lipase production revealed that coconut oil sediment supported for maximizing the lipase production than other substrates during 48 h of fermentation. Effect of temperature and pH on lipase production showed that pH 7 and 37ºC was optimum for enhancing lipase production and this was also resulted at 48 h. Among the metal ions tested, magnesium sulphate was observed as a suitable metal ion for higher lipase production.