The Cerrado is home to a diversity of traditional communities, among which indigenous and quilombola peoples stand out. The Karajá are one of the ethnic groups in this biome, with a rich history and culture that goes back centuries. They mainly inhabit the regions of the Araguaia and Javaés rivers, occupying lands in the states of Goiás, Mato Grosso, Pará and Tocantins. Considering the importance of studies on ethnomycological knowledge in indigenous communities for preserving culture and the environment, especially in relation to fungi, our objective was to investigate the ethnomycological relationships of the Karajá indigenous people who inhabit Bananal Island, located in Tocantins. Data were collected from applying a semi-structured questionnaire and interviews with 140 people who compose the Macaúba (39%), Fontoura (31%) and Santa Isabel do Morro (30%) communities; they had an average age of 33.9 years, and 62% are male. We observed that the Karajá people recognize the fungi of the environment in which they live, showing a clearer perception of typical morphological groups, such as mushrooms and bracket fungi (wood ears). Although fungi are not used as a component of their diet, the Karajá recognize that some species may have this potential. Furthermore, they use fungi as adornments and decorations in festivities in a playful way, and occasionally for medicinal purposes. Therefore, we can state that this ethnic group does not have a total aversion to fungi, being considered partially mycophilic. This study is a pioneer among Cerrado indigenous people, and reinforces the need to expand research to other communities in different regions in order to expand ethnomycological knowledge among different ethnicities. These investigations could contribute to both an appreciation and conservation of the traditions and knowledge of original Brazilian people, as well as the biodiversity in which they are inserted.