Brazilian mahogany (Swietenia macrophylla King) is a forest species of economic and environmental interest due to its wood’s great finish and its use in recovering and recomposing ecosystems. However, clarification on how this species uses water resources is still necessary. This study proposes to evaluate sap flow and transpiration behavior in young Brazilian mahogany plants under variable conditions of soil water potential. We conducted the study in a protected environment and cultivated the plants in weighing lysimeters wherein the soil underwent potential variations between -10 kPa and -35 kPa during periods of water restriction, rehydration, and full irrigation. To quantify water use in the mahogany plants, we measured sap flow through heat pulses, transpiration through the weighing lysimeters, and evapotranspiration by weather variables. Sap flow and transpiration are affected negatively by soil water potential variation. The leaves lost water to the atmosphere under water deficit conditions, even with the absence of upward sap flow. Sap flow was restored four days after irrigation had resumed.