Cyanobacteria are ancient and prolific microorganisms for which the current knowledge remains limited. The present work constitutes the first report on the presence of the cyanobacteria Tolypothrix sp. LEGE 221228, Nostoc sp. LEGE 221229, Scytonema sp. LEGE 221230 and Drouetiella sp. LEGE 221231 in the volcanic crater lake in Chichonal (Chiapas-Mexico), and in the characterization of their pigments profile and antioxidant potential, through the application of biorefinery approaches. The identification of cyanobacteria species was achieved through advanced morphology-based methods for cyanobacterial taxonomy. The HPLC-PDA analysis of the cyanobacteria acetone extracts revealed β-carotene, echinenone and chlorophyll-a as the main pigments. Drouetiella sp. LEGE 221231 presented the highest β-carotene concentration (63.67 μg/mL), total carotenoids (87.92 μg/mL) and chlorophylls (20.88 μg/mL), closely followed by Tolypothrix sp. LEGE 221228 (with 51.37, 75.14 and 14.88 μg/mL, respectively), this being the first report on the carotenoid and chlorophylls profile of these strains. Aqueous extracts revealed the highest content of phycoerythrin in Tolypothrix sp. LEGE 221228 (50.61 mg/g) and of phycocyanin in Nostoc sp. LEGE 221229 (57.66 mg/g), standing out in superoxide anion radical scavenging, while the acetonic ones were more effective in scavenging nitric oxide radical. For both, Tolypothrix sp. LEGE 221228 was the most effective, presenting the lowest IC50 (53.75 and 57.68 μg/mL, respectively). Overall, the present study enriches the knowledge on biodiversity of cyanobacteria from underexplored environments, enhancing their potential biotechnological applications as producers of added value secondary metabolites with interest in food, pharmaceutical and cosmetic industries.