Four sesquiterpene lactones, mikanolide, deoxymikanolide, dihydromikanolide and scandenolide, were isolated by a bioassay-guided fractionation of Mikania variifolia and Mikania micrantha dichloromethane extracts. Mikanolide and deoxymikanolide were the major compounds in both extracts (2.2% and 0.4% for Mikania variifolia and 21.0% and 6.4% for Mikania micrantha respectively, calculated on extract dry weight). Mikanolide, deoxymikanolide and dihydromikanolide were active against Trypanosoma cruzi epimastigotes (50% inhibitory concentrations of 0.7, 0.08 and 2.5 μg/mL, for each compound respectively). These sesquiterpene lactones were also active against the bloodstream trypomastigotes (50% inhibitory concentrations for each compound were 2.1, 1.5 and 0.3 μg/mL, respectively) and against amastigotes (50% inhibitory concentrations for each compound were 4.5, 6.3 and 8.5 μg/mL, respectively). By contrast, scandenolide was not active on Trypanosoma cruzi. Besides, mikanolide and deoxymikanolide were also active on Leishmania braziliensis promastigotes (50% inhibitory concentrations of 5.1 and 11.5 μg/mL, respectively). The four sesquiterpene lactones were tested for their cytotoxicity on THP 1 cells. Deoxymikanolide presented the highest selectivity index for trypomastigotes (SI = 54) and amastigotes (SI = 12.5). In an in vivo model of Trypanosoma cruzi infection, deoxymikanolide was able to decrease the parasitemia and the weight loss associated to the acute phase of the parasite infection. More importantly, while 100% of control mice died by day 22 after receiving a lethal T. cruzi infection, 70% of deoxymikanolide-treated mice survived. We also observed that this compound increased TNF-α and IL-12 production by macrophages, which could contribute to control T. cruzi infection. Chagas' disease and Leishmaniasis are parasitic diseases that affect especially poor people in developing countries. They are caused by the protozoan parasites Trypanosoma cruzi and different Leishmania species, respectively. According to the World Health Organization they are considered, among others, Neglected Tropical Diseases. The drugs currently in use for the treatment of these parasitoses are not at all effective and have severe drawbacks. Nature has proved to be a rich source of bioactive compounds. Among antiparasitic drugs, the sesquiterpene lactone artemisinin and the alkaloid quinine and their derivatives are used nowadays for human malaria treatment. Sequiterpenes lactones, present mainly in species from Asteraceae family, are interesting compounds due their pharmacological properties. This group of compounds has shown trypanocidal and leishmanicidal activity and are considered as promising leads for antiparasitic drug discovery.