Vegetative as well as reproductive phenology of tropical trees frequently occur synchronously at the end of the dry season. It has been repeatedly observed on two individuals of the tropical species Ficus obtusifolia growing in Caracas that they lose their entire foliage in a period of 48 h during the dry season and renew it within the next 72 h. In order to gain knowledge on the mechanisms that govern leaf exchange in F. obtusifolia, we followed in these two individuals the seasonal changes in leaf and fruit phenology, water relations and environmental variables, and in another 25, phenology only. Although foliar exchange was always observed before the rainy season, it also occurred near the end of the rainy season. An increase in leaf turgor potential of mature leaves and a low sap flow velocity coincided with leaf fall. Foliar exchange in all 27 individuals, growing in locations with different elevation and, possibly, access to underground water, was bi-modal and occurred in a period of approximately one month around both equinoxes. The presence of fruits was also bi-modal, occurring after leaf renewal. The sequence of phenological events repeated itself in all the individuals studied, although with inter-annual and individual variations in date of foliar exchange. Leaf fall was independent of leaf water status and significantly correlated with, in decreasing order, day length, minimum air temperature, rainfall, maximum air temperature and total radiation. We conclude that in F. obtusifolia high nocturnal temperature, increasing daytime temperature and radiation, and low cloud cover apparently drove foliar exchange. Day length showed a strong correlation with leaf renewal possibly to due to the significant relationships between day length and environmental variables. Direct effects of day length alone were not evidenced, as foliar exchange took place during a long time-span around the equinoxes.