Salvia pichinchensis Benth was collected in the South of Ecuador and the essential oil (EO) was distilled from aerial parts and analyzed by GC-MS and GC-FID. The physical properties, chemical composition, and cholinesterase inhibitory activity were determined. Six major components, all sesquiterpenes, were identified: cis-cadina-1(6),4-diene (17.11%) (1), γ-curcumene (13.75%) (2), (E)-caryophyllene (12.58%) (3), (E,E)-α-farnesene (10.00%) (4), α-gurjunene (9.46%) (5) and allo-aromadendrene (6.96%) (6). The EO showed an interesting selective inhibitory activity against the enzyme butyrylcholinesterase (50.70 μg/mL) and only low inhibitory activity against acetylcholinesterase (117.60 μg/mL). The chemical composition and butyrylcholinesterase activity of the EO of S. pichinchensis Benth was reported for first time.