The effect of dietary protein and lipid level on growth and reproductive efficiency of the pepermint shrimp Lysmata wurdemanni was evaluated over a 90‐day period. The percentage of protein and lipid (%P/L) in the experimental diets varied as follows: 34/7, 34/8, 34/9, 37/7, 37/8, 37/9, 40/7, 40/8 and 40/9, and a commercial diet was used as control (35/7‐Silver Cup®). Fifteen shrimps per treatment and three replicates were used. The number of moults, survival, and growth, number of ovigerous females as well as protein and carbon content of fertilized eggs were evaluated. The shrimps fed experimental diets 37/7 and 40/9 exhibited a survival of 100%, whilst the survival of shrimp fed diet 40/7 was 73%, without significant differences being observed among the treatment groups. The weight gained (g) by shrimps fed diets 37/9 and 40/8 was significantly greater than the control group. The greatest percentage of ovigerous females was observed in those fed 34/7 and 37/9 diets, and the lowest in the control group. The greatest content of protein/carbon in the eggs was found in females fed the 40/8 diet. The results indicated that a P/L relationship of 34/7% promote efficient growth; however, during the reproductive phase it is necessary to increase the P/L to 40/8% to improve the quality and viability of the eggs.