There is growing interest in the development of biodegradable packaging materials containing natural antioxidant extracts. In this sense, the use of extracts obtained from agro-industrial byproducts has proved to be a sustainable alternative. In this study, Pinhão extract, a byproduct of Pinhão (Araucaria angustifolia (Bertol.) Kuntze) seed consumption, was characterized by HPLC-DAD-ESI/MSn, demonstrating the presence of eight phenolic compounds, (+)-catechin and (−)-epicatechin being the most abundant molecules. TPS/PBAT films containing Pinhão extract were produced by blown extrusion and their properties (tensile properties, thermal characteristics and microstructure) were evaluated in order to determine the effect of the presence of extracts. Results suggested that the interaction between the phenolic compounds of the extract and the polymeric matrix caused the reduction in the crystallinity degree, and an increase in the starch glass transition temperature. The presence of Araucaria angustifolia (Bertol.) Kuntze extract significantly (p < 0.05) affected the color and opacity of the film. Regarding water vapor permeation, no significant difference (p > 0.05) was detected. However, the water solubility and the contact angle with water (polar solvent) and diiodomethane (non-polar solvent) significantly changed due to the extract addition. Moreover, the Pinhão extract conferred significant antioxidant capacity to the TPS/PBAT films as determined by DPPH, suggesting that this material can be applied as an active packaging material.