The present study has the objective of evaluating the physical-mechanical properties of plywood produced with Acrocarpus fraxinifolius wood, as well as the effect of combining their veneer with Pinus veneer. The wood of Acrocarpus fraxinifolius and Pinus oocarpa were used in the production of the panels. The plywood was produced with five veneers; the adhesive used was phenol-formaldehyde, weighing 320 g.m-2. The evaluated properties were: equilibrium moisture (EM), specific mass (SM), water absorption (WA), thickness swelling (TS), shear strength (SS), modulus of rupture (MOR) and modulus of elasticity (MOE) both parallel and perpendicular to the fibers. No statistical difference was observed in the EM and TS, whereas all other properties showed statistical differentiation between the treatments. In general, the use of Acrocarpus fraxinifolius veneers improved the physical-mechanical properties of the compensated ones. Thus, the use of this species in the production of plywood is technically feasible.