Cyanobacteria are microorganisms that grow rapidly in an aquatic medium, showing the capacity of accumulations of biocompounds subsequently converted into value-added biocompounds. The cyanobacterium Spirulina maxima can produce pigments besides accumulating significant amounts of carbohydrates and proteins. An alternative to reducing biomass production costs at an industrial scale is the use of landfill leachate in the growing medium, as well as the mitigation of this pollutant. The objective of this work was to cultivate Spirulina maxima in a medium supplemented with leachate, using the design of experiments to evaluate the effects of leachate concentration (% v/v), light source, and light intensity in an airlift photobioreactor, analyzing them as a response to the productivity of biomass, phycocyanin, carbohydrates, and biochar. The highest values of productivity (mg L−1d−1) were 97.44 ± 3.20, 12.82 ± 0.38, 6.19 ± 1.54, and 34.79 ± 3.62 for biomass, carbohydrates, phycocyanin, and biochar, respectively, adjusted for experiment 2 with the factors of leachate concentration (5.0% v/v), light source (tubular LED), and luminosity (54 µmol m−2 s−1), respectively. The use of leachate as a substitute for macronutrients in Zarrouk’s medium for the cultivation of Spirulina maxima is a viable alternative in the production of biocompounds as long as it is used at an appropriate level.