Three new lupane-type triterpenes, lippiolide (1), lippiolidolic acid (2), and lippiolic acid (3), were isolated from aerial parts of Lippia mexicana. Compounds 1 and 2 exhibited a δ-lactone at ring E. The known cycloartane triterpene 5 was also isolated. The structures of these compounds were established on the basis of spectroscopic data and chemical reactions, and the structure of compound 1 was confirmed by X-ray diffraction analysis. Anti-inflammatory activity of compounds 1, 3, and 5 was evaluated in the TPA-induced ear mouse edema model. Lupanes 1 and 3 were more active than cycloartane 5.