In the tire industry, the incorporation of natural origin oils in the development of elastomeric formulations has been one of the alternatives to reduce the use of petroleum derivatives, with a high content of toxic compounds. In this work, soybean vegetable oil was investigated as a lubricant and co-activator in sulfur-vulcanized natural rubber compounds. The soybean oil was used in its natural state and chemically modified by the epoxy ring’s introduction in its structure. In an internal mixer a standard formulation of natural rubber, five formulations replacing a conventional aromatic oil and stearic acid by vegetable oil, and a formulation without an activation system were prepared. The natural and epoxidized soybean oil was characterized chemically, and the elastomeric compositions were evaluated by mechanical and rheological analysis. The mechanical properties showed satisfactory results when vegetable soybean oil was used as a lubricant and could be a substitute for conventional aromatic oils, thus guaranteeing reduction of aromatic polycyclic content in the formulations. The crosslink degree and the rheological characteristics of the samples prepared with vegetable soybean oil were similar to the natural rubber standard sample. The formulations without the zinc oxide and stearic acid evidenced the need for activators in the vulcanization reaction, as they presented properties below standard. We verified that the epoxidized soybean oil, even when promoting better dispersion of the fillers, interfered in the crosslink formation, and consequently there was a decrease in the mechanical properties of these formulations. Finally, we indicated vegetable soybean oil as a substitute for aromatic oil and stearic acid, in the elastomeric compositions used to manufacture treads.