In the present study, the activity of extracts obtained from the stems of two endemic species of the central–northern region of Chile (Eulychnia acida [Copao] and Echinopsis chiloensis [Quisco]), was evaluated as potential corrosion inhibitors for carbon steel in 0.1 M HCl. The total content of phenols and flavonoids in the extracts was determined, and the main components were identified by high‐performance liquid chromatography–mass spectrometry, being similar in both species. The inhibition efficiency of extracts was evaluated by mass loss measures, Tafel polarization curves, and electrochemical impedance spectroscopy. The assay results showed similar values in inhibition percentages, around 88% at extract concentrations of 1,500 ppm. The adsorption on the steel surface followed the Langmuir model adsorption isotherm, whose thermodynamic parameters (ΔG°ads for Copao and Quisco, −17.81 and −17.70 kJ/mol, respectively) suggest a physisorption mechanism. The scanning electron microscopy analyses showed that in the presence of the extracts, the surface of the steel is covered by a thin film that allows the sanding marks to be visualized; while without the extracts the surface is rough due to the HCl corrosion effect.