Ettlia oleoabundans, a freshwater unicellular green microalga, was grown under different light qualities +/- carbon dioxide-enriched air to determine the combined effects on growth and lipid production of this oleaginous species. Keeping total light intensity constant, when a portion of the cool white was replaced by red, volumetric lipid yield increased 2.8-fold mainly due to the greater yield of oleic acid, a desirable biodiesel precursor. Only 30 min of red light treatment was sufficient to increase lipid yield and quality to the same level as cultures provided red light for > 14 days, indicating the potential role of red light in stimulating lipid production of this species. Carbon dioxide enrichment via air sparging enhanced exponential growth, carbon conversion efficiency, and nutrient consumption. Together, these results showed that light quality plays an important role in microalgal lipid production. Adjustment in light quality and gas delivery efficiency with carbon dioxide enrichment improved lipid yield and quality in this and possibly other oleaginous algal species.