Studies investigating improved protein:lipid ratios based on their effects on growth, nutrient utilization, digestive enzyme activities, blood metabolites and erythogram in tropical carnivorous fish are very scarce. This study evaluated the effect of different protein:lipid ratios on these parameters in the hybrid surubim Pseudoplatystoma corruscans × Leiarius marmoratus. Juvenile fish (8.90 ± 0.94 g initial weight) were fed 3% of total biomass for 60 days using four isoenergetic experimental diets with different protein:lipid ratios (9.00, 4.60, 3.54 and 1.78). Higher growth performance parameters were observed at higher protein:lipid ratios. The activities of intestine total alkaline protease, trypsin and lipase (U/mg protein) were not affected by dietary treatments. Chymotrypsin (U/mg protein) was higher in the 4.60 protein:lipid ratio group. Amylase (U/mg protein) was higher in intermediate groups. Blood glucose, total plasma protein, triglycerides, cholesterol and free amino acids decreased as the protein:lipid ratio decreased. Haematocrit was higher at the 9.00 and 4.60 protein:lipid ratios. Hybrid surubim showed metabolic adaptation to the different protein:lipid ratios tested. These results suggest that the 4.60 protein:lipid ratio showed the best protein‐sparing effect of lipids.