Oils and fats are of great importance. They are used for food purposes because of high energy content as well as in different industries such as in cosmetics. Tons of vegetable waste is produced worldwide which contains the peels of fruit and vegetables these peels contain useful compounds in them, the present study aims to estimate the lipids i.e. fat in the peels of water caltrop and determine its physicochemical properties. The work is carried out on water caltrops which are collected from the vegetable market of the Lahore region. After the collection of the fruits, their peels were separated for the study and were dried and ground in small granules. The ground peels were extracted by using n-hexane with the help of a Soxhlet apparatus. The extracted fat was physic-chemically analyzed; free fatty acid value(2.20 % as oleic acid), iodine value (51 gI2/100 g), Saponification value (121 mg KOH/g), Peroxide value (3.37meq/Kg), Refractive index (1.4802 at 25°C), Specific gravity (0.77 at 25°C), Melting point (60°C) were determined . The ester derivatives of fatty acids were prepared by esterification with BF3 and fatty acids were determined by using Gas chromatography- Flame ionization detector. The highest percentage of stearic acid (31.3 %) acid in saturated acids and the highest percentage of oleic acid (14.5 %) in saturated fatty acid were determined.