This study reports the optimization of geranyl butanoate production by esterification of geraniol and butanoic acid in a solvent-free system using two immobilized lipases as catalyst. The operating conditions that optimized geranyl butanoate production were determined to be 40 °C, a geraniol to butanoic acid molar ratio of 3:1, 150 rpm, 5 wt% of enzyme, and 1 h of reaction, which resulted in a reaction conversion of about 97% for Novozyme 435. When homemade Novozyme NZL-102-LYO-HQ (Cal-B) immobilized in polyurethane foam was used as catalyst, the experimental conditions of an alcohol to acid molar ratio of 5:1, 70 °C, 150 rpm, 5 wt% of enzyme, and 1 h of reaction gave a conversion of 95%. New experimental data on enzymatic esterification of geraniol and butanoic acid for geranyl butanoate production are reported in this work, showing that the technique is promising for overcoming the well-known drawbacks of the chemical-catalyzed route.