Structured lipids were synthesized by incorporating gamma-linolenic, linoleic, and stearic acids into a blend of palm olein and palm kernel oil (50:50, v/v). Effects of reaction parameters such as substrate mole ratio, time, temperature and type of acyl donor on fatty acid incorporation were studied. The reactions were catalyzed by an sn-1,3-regiospecific lipase, Lipozyme RM IM. Incorporation of fatty acids was determined by gas chromatography. Our results showed that substrate mole ratio was the most important factor affecting incorporation and the suitability of free fatty acids or fatty acid ethyl esters as acyl donor was temperature dependent. Reaction time had the least effect on incorporation. Response surface methodology was used to model the incorporation of stearic acid into the oil blend. The coefficients of determination and regression p-value indicated a strong model. The model showed no lack of fit, had strong validity and reproducibility. Our work showed that structured lipids can be synthesized from the oil blend for possible food applications.