The effect of replacing shortening and sugar on the physical and chemical properties of mangaba ice cream and its acceptability were evaluated. Ice cream formulations were tested with the following fat replacers: Selecta Light, Litesse, and Dairy Lo and the following sugar substitutes: Lactitol and Splenda. All formulations were subjected to physical, chemical, and microbiological analyses and evaluated by acceptability tests. In the sensory analysis, it was observed a larger acceptance of the formulations containing Selecta Light (SL) and the combination of Litesse, Lactiol, and Splenda (LLS). The largest reduction in total energetic value (50%) was observed in the formulation LLS. The use of fat and/or sugar substitutes caused a reduction in the air incorporation (overrun) and affected viscosity. The highest melting speed was observed in the formulation with Dairy-Lo, Lactitol, and Splenda. All formulations showed good levels of global acceptability and appearance. The substitution of shortening for fat replacers caused a reduction in air incorporation and changes in ice-cream viscosity. The low-fat mangaba ice-cream elaborated with Selecta Light was the best formulation in terms of viscosity and air incorporation when compared with the control. It also showed a good level of acceptability and low fat content.