Fipronil is a phenylpyrazole pesticide widely used to protect sugar-cane crops from insect pests. After reaching the environment, this insecticide may have several fates. This research aimed to propose a kinetic model to describe the fate of commercial fipronil Regent 800WG® in the sediment–water interface of the Óleo Lagoon in the Mogi-Guaçu river floodplain, situated within the Jataí Ecological Station, by means of a microcosm scale experiment. Results showed that a small fraction of the pesticide is quickly dragged to the sediment while most of it remains in the water column. Biodegradation proves to be an important fipronil degradation route, especially when microorganisms capable of using fipronil as sole carbon source increase their population, as a function of exposure time. Biodegradation rates were higher in the sediment than in the water column.