(1) Background: In Eugenia Stipitata Mac Vaugh (Arazá), there is an abundance of flavonoids, carotenoids, and phenolic acids, which are bioactive compounds with antioxidant, anticarcinogenic, antimicrobial, anti-inflammatory, antispasmodic, antiulcer, and cardiovascular disease prevention benefits. Therefore, the aim of this review is to compile the compounds that have been identified in the fruit and gather information about secondary metabolites to establish their potential preventive and therapeutic effects; (2) Methods: a literature search was conducted in repositories and databases such as Science Direct, Scopus, PubMed, Web of Science, Agriculture Collection Gale, SAGE, OXFORD University, DOAJ, among others. Articles identifying and quantifying bioactive compounds present in Arazá were included; (3) Results: Five studies meeting the inclusion criteria were incorporated, resulting in the compilation of 82 compounds, of which 24 were identified and quantified, while 58 were solely identified. This review was able to identify and report the concentration, and in some cases, the quantity, of phenolic compounds with antioxidant and anti-inflammatory capabilities present in Arazá; (4) Conclusions: With this scope, it was possible to obtain a more comprehensive understanding of the fruit's potential to potentially enhance health aspects, thereby providing greater prominence and added value to this product, allowing for more frequent inclusion in the diets of consumers, and even enabling exportation.