Background: Cerumen is a mixture of beeswax and plant resin made by stingless bees. It has antimicrobial and antioxidant properties and is often used in biological and therapeutic treatments. However, its adhesive characteristic makes cerumen challenging to process into powder. Methods: This study investigated the physical characteristics and antioxidant activity of the encapsulated freeze-dried dewaxed cerumen of Tetragonula laevicpes. The combination of coating materials at concentrations of 20%, 30% and 40% and carrier ratios of maltodextrin to gum arabic of 9:1, 5:5 and 3:7 were used to encapsulate dewaxed cerumen when freeze-dried; the control was maltodextrin at a concentration of 31.25%. Results: All carrier matrices showed high yields of >80% and similar powder characteristics of low moisture content, low water activity, high glass transition temperature and water dispersibility. Overall, antioxidant activities ranged from 69–80%, while the encapsulation efficiency of total phenolic content ranged from 46–68%. All carrier matrices show higher antioxidant activities than 31.25% maltodextrin, with the lowest antioxidant at 57%. Conclusions: The carrier ratio of 5:5 resulted in better physical properties and retained 68% of polyphenolic activity in powders.