This study investigates the chemical composition, liquefaction behavior, and polyurethane foam (PU) properties of two lignocellulosic biomasses, Red Angico (Anadenanthera colubrina) and Mahogany (Swietenia macrophylla), as potential sources of bio-based polyols. Detailed chemical characterization revealed that Red Angico has high α-cellulose (48.44%) and moderate hemicellulose (25.68%) content, while Mahogany shows the inverse, with high hemicellulose (56.11%) and low cellulose (18.24%), influencing their reactivity during liquefaction. Liquefaction trials using a polyalcohol system (glycerol:ethylene glycol) demonstrated higher conversion efficiency for Mahogany, reaching 93.4% at 180 °C in 60 minutes, compared to 73.9% for Red Angico. Hydroxyl value analysis revealed increasing functionality for Mahogany polyols with time, whereas Red Angico showed declining values, indicating possible recondensation reactions. PU foams were synthesized using the resulting polyols, with compressive strength and modulus increasing with isocyanate index. Red Angico foams, despite lower OH values, displayed superior mechanical performance, attributed to their lower hydroxyl content favoring optimal crosslinking. Water content, used as a chemical blowing agent, negatively impacted compressive strength for both foams due to increased porosity. Results highlight the species-specific influence of chemical composition on liquefaction behavior and foam performance, suggesting tailored processing conditions are essential for maximizing bio-based PU properties.