Lemon peel represents an interesting by-product owing to its content of dietary fibre (DF) and (poly)phenols, which is of great importance for its valorisation. Hence, the objective of this study was to characterise the DF, total phenolic content (TPC), and antioxidant capacity of two lemon-peel-derived ingredients using two different methods (drying with warm air and enzymatic hydrolysis with pectinesterase). The analysis included a DF assessment, followed by neutral sugars characterisation through GC-FID and uronic acids determination via colorimetry. Subsequently, TPC and antioxidant capacity using the FRAP method were quantified through spectrophotometry. The swelling capacity (SWC), water retention capacity (WRC), and fat absorption capacity (FAC) were also determined as functional properties. It was observed that pectinesterase treatment led to a reduction in soluble DF and an increase in insoluble DF. This treatment also affected the pectin structure, thereby diminishing its ability to absorb water and fat within its matrix. The TPC was also reduced, resulting in a decrease in antioxidant capacity. Conversely, employing warm air exhibited a noteworthy increase in antioxidant capacity. This underscores its crucial contribution to the valorisation of lemon peel, not only by diminishing the environmental impact but also by enabling the acquisition of fibre ingredients with a noteworthy antioxidant capacity.