This study evaluated the effects of water renewal rate and temperature on the growth performance and physiological responses of juvenile Piaractus brachypomus reared in a recirculating aquaculture system (RAS). A total of 336 fish (1.35 ± 0.24 g) were distributed in six RAS units under two water renewal rates (42 and 128 L h⁻¹) and three temperatures (26, 29, and 32 °C) for 45 days. Temperature was the main factor affecting growth, with higher final weight and total length at 29 and 32 °C throughout the experimental period. Water renewal rate significantly influenced feeding efficiency and energy allocation. Higher renewal (128 L h⁻¹) increased dissolved oxygen and daily feed intake and resulted in higher hemoglobin levels and hepatic lipid deposition, particularly at 32 °C, indicating greater metabolic activity. Conversely, the lower renewal rate (42 L h⁻¹) was associated with better feed conversion ratios at 29 °C and higher muscle lipid content at 26 °C, suggesting reduced energy expenditure. Hematocrit, total plasma protein, and cholesterol were primarily influenced by temperature, with higher values at 29 and 32 °C, while glucose, triglycerides, and liver enzymes were unaffected. Overall, temperatures of 29–32 °C optimized growth, while water renewal rate modulated feed utilization, physiological responses, and lipid deposition. These findings highlight the importance of jointly optimizing temperature and water renewal rate in RAS to enhance growth performance and metabolic balance in juvenile P. brachypomus.