BACKGROUND: Ventilatory inefficiency increases ventilatory demand; corresponds to an abnormal increase in the ratio of minute ventilation (V E ) to CO 2 production (V CO 2 ); represents increased dead space, deregulation of respiratory control, and early lactic threshold; and is associated with expiratory flow limitation that enhances dynamic hyperinflation and may limit exercise capacity. OBJECTIVE: To evaluate the influence of ventilatory inefficiency over exercise capacity in COPD patients. METHODS: Prospective study of 35 COPD subjects with different levels of severity, in whom cardiopulmonary stress test was performed. Ventilatory inefficiency was represented by the V E /V CO 2 relation. Its influence over maximal oxygen consumption (V O 2 max), power (W), and ventilatory threshold was evaluated. Surrogate parameters of cardiac function, like oxygen pulse (V O 2 /heart rate) and circulatory power (%V O 2 max ؋ peak systolic pressure), were also evaluated. RESULTS: Cardiopulmonary stress test was stopped due to dyspnea with elevated V E and marked reduction of breathing reserve. A severe increase in V E /V CO 2 (mean ؎ SD 35.9 ؎ 5.6), a decrease of V O 2 max (mean ؎ SD 75.2 ؎ 20%), and a decrease of W (mean ؎ SD 68.6 ؎ 23.3%) were demonstrated. Twenty-eight patients presented dynamic hyperinflation. Linear regression showed a reduction of 2.04% on V O 2 max (P < .001), 2.6% on W (P < .001), 1% on V O 2 /heart rate (P ؍ .049), and 322.7 units on circulatory power (P ؍ .02) per each unit of increment in V E /V CO 2 , respectively. CONCLUSIONS: Ventilatory inefficiency correlates with a reduction in exercise capacity in COPD patients. Including this parameter in the evaluation of exercise limitation in this patient population may mean a contribution toward the understanding of its pathophysiology.