Species of the Paracoccidioides brasiliensis complex and P. lutzii cause human paracoccidioidomycosis (PCM). Early interest in Paracoccidioides extracellular vesicles (EVs) resulted in a series of publications that unraveled the EVs protein, carbohydrate, lipid, and RNA cargo from isolates of different phylogenetic groups and distinct virulence degrees. EV and cell wall components were compared. These works are discussed in parallel with more recent data on the role of Paracoccidioides EVs in immunomodulation.