Phytochemical investigations of fresh leaves and stem bark of Plumeria obtusa Linn. have led to the isolation and characterization of a new iridoid, p-methoxy-E-cinnamoyloxy plumieride (1), to which the trivial name champalinin has been assigned, and a triterpene lactone, 3β-hydroxy-urs-12-one-13β,28-olide (2). This is the first report of compound 2 as a natural product, although it has been reported earlier as a synthetic compound. Identification of these compounds was achieved through spectroscopic studies and chemical transformations.