Hydrophobization could improve the moisture resistance of biopolymer materials, depending on the methods and materials used, providing benefits for packaging applications. The aim of this study was to compare the effect of increasing concentrations (0-2%) of candelilla wax (CW) and oleic acid (OA) on the microstructural and physicochemical properties, including water affinity, of glycerol-plasticized pea protein isolate (PPI) films. OA acidified the film-forming solution and increased its viscosity more effectively than CW. At the highest concentration, OA prevented cohesive film formation. OA caused less yellowing, matting, and a smaller reduction in UV/VIS light transmittance compared to CW. Both lipids in most cases slightly reduced the films' water content. Phase separation (creaming) of CW enhanced surface hydrophobicity, resulting in a greater reduction in water vapor permeability than OA (~37-63% vs. 2-18%). The addition of lipids did not reduce film solubility or water absorption, and OA even increased these parameters. Increasing lipid content decreased the mechanical strength and stretchability of the films by 28–37% and 18–43%, respectively. At higher lipid levels, these properties were similar. The control film exhibited low heat-sealing strength (0.069 N/mm), which improved by 42% and 52% with the addition of CW and OA at optimal levels.