Thirteen commercial lipases in hexane and seventeen bacterial cell suspensions in aqueous media were screened for the production of ethyl valerate and ethyl butyrate. The highest esterifying activity was obtained with commercial Pancrealipase (Biozymes Inc.) and Candida rugosa lipase (Amano Enzyme Ltd) and with bacterial cell suspension from Pseudomonas fragi CRDA 446. Commercial enzymes gave molar conversion yield of 68% over 24 h as compared to 17% with whole cells in aqueous medium. However, a comparison of both sources of biocatalyst i.e. whole microbial cells and commercial lipases, based on the amount of ester produced per g of protein for a complete reaction, indicated similar activities.