Catalyzes the hydrolysis of a wide range of substrates including cholesteryl esters, phospholipids, lysophospholipids, di- and tri-acylglycerols, and fatty acid esters of hydroxy fatty acids (FAHFA) (PubMed:2211595, PubMed:1999399). Preferentially hydrolyzes FAHFAs with the ester bond further away from the carboxylate. Unsaturated FAHFAs are hydrolyzed more quickly than saturated FAHFAs (By similarity). Has an essential role in the complete digestion of dietary lipids and their intestinal absorption, along with the absorption of fat-soluble vitamins (By similarity). a triacylglycerol + H2O = a diacylglycerol + a fatty acid + H(+) 1,2,3-tri-(9Z-octadecenoyl)-glycerol + H2O = (9Z)-octadecenoate + di-(9Z)-octadecenoylglycerol + H(+) 1,2,3-trioctanoylglycerol + H2O = dioctanoylglycerol + H(+) + octanoate a sterol ester + H2O = a fatty acid + a sterol + H(+) cholesteryl (9Z-octadecenoate) + H2O = (9Z)-octadecenoate + cholesterol + H(+) an acetyl ester + H2O = acetate + an aliphatic alcohol + H(+) a butanoate ester + H2O = an aliphatic alcohol + butanoate + H(+) 9-hexadecanoyloxy-octadecanoate + H2O = 9-hydroxy-octadecanoate + H(+) + hexadecanoate 9-(9Z-octadecenoyloxy)-octadecanoate + H2O = (9Z)-octadecenoate + 9-hydroxy-octadecanoate + H(+) 1-hexadecanoyl-sn-glycero-3-phosphocholine + H2O = H(+) + hexadecanoate + sn-glycerol 3-phosphocholine 12-hexadecanoyloxy-octadecanoate + H2O = 12-hydroxyoctadecanoate + H(+) + hexadecanoate 12-(9Z-octadecenoyloxy)-octadecanoate + H2O = (9Z)-octadecenoate + 12-hydroxyoctadecanoate + H(+) 13-(9Z-octadecenoyloxy)-octadecanoate + H2O = (9Z)-octadecenoate + 13-hydroxy-octadecanoate + H(+) 9-(9Z-hexadecenoyloxy)-octadecanoate + H2O = (9Z)-hexadecenoate + 9-hydroxy-octadecanoate + H(+) 12-(9Z-hexadecenoyloxy)-octadecanoate + H2O = (9Z)-hexadecenoate + 12-hydroxyoctadecanoate + H(+) 13-(9Z-hexadecenoyloxy)-octadecanoate + H2O = (9Z)-hexadecenoate + 13-hydroxy-octadecanoate + H(+) 12-octadecanoyloxy-octadecanoate + H2O = 12-hydroxyoctadecanoate + H(+) + octadecanoate 13-octadecanoyloxy-octadecanoate + H2O = 13-hydroxy-octadecanoate + H(+) + octadecanoate 5-(9Z-hexadecenoyloxy)-octadecanoate + H2O = (9Z)-hexadecenoate + 5-hydroxy-octadecanoate + H(+) 9-octadecanoyloxy-octadecanoate + H2O = 9-hydroxy-octadecanoate + H(+) + octadecanoate Activated by bile salts such as sodium taurocholate. Interacts with CLC. Synthesized primarily in the pancreas and then transported to the intestine. Belongs to the type-B carboxylesterase/lipase family.