The consequences of over‐exploitation may seriously impair the integrity and functioning of ecosystems. When loss of species is accompanied by the loss of ecological processes, the effects are no longer just taxonomic and may affect the stability of the environments. Ornamental fishing is one of the main economic activities of the middle Negro River. Such activity is directed to a small number of species and has the Cardinal Tetra (Paracheirodon axelrodi) as the main target species. Given the potential effects this pressure and the lack of information on its consequences, the present study analysed, through simulations, the possible effects of depletion of ornamental fish populations on the functional structure of fish assemblages, represented by functional diversity (FD) and functional redundancy (FR) indexes. We sampled 13 streams exploited by the ornamental fishery, where we collected 4,286 specimens of 110 species, of which 22 were targeted as ornamental fishing. We found that the ornamental species corresponded, on average, to 27.8% of the species and 33.3% of the FD of the assemblages. In a scenario of complete exclusion of ornamental species, local communities would lose 24.6% of the FD and reduce up to 12% of the FR. With these results, it is possible to infer that the local extinction of exploited species would cause negative impacts on the multifunctionality and the resilience of the streams ecosystems. In this way, we emphasise the need for proper management of the ornamental fisheries aiming to the sustainability of the activity and to the conservation of ecosystem functionality.