The stoichiometry of the oxygenation reaction of cis,cis-eicosa-11,14-dienoic acid catalyzed by prostaglandin endoperoxide synthase and soybean lipoxygenase has been investigated by using steady-state initial rate measurements. The rate of product formation (conjugated diene hydroperoxy and hydroxy derivatives) was followed spectrophotometrically at 235 nm, and the rate of oxygen consumption was measured polarographically. The ratio of the two rates, d[conjugated diene/-d[O2], is 2/1 for the prostaglandin endoperoxide synthase catalyzed reaction and 1/1 for the lipoxygenase reaction. The 2/1 ratio can be explained by two interrelated routes, each of which results in formation of the conjugated diene hydroxy derivative of the acid. One route, initiated by hydrogen atom abstraction from the acid by Compound I, results in formation of the conjugated diene hydroperoxy derivative. The latter is converted to the hydroxy derivative by regenerating Compound I from the native enzyme. The other route involves direct oxygen atom insertion into the acid by the tyrosyl radical form of Compound I. The decrease in absorbance at 235 nm obtained in the presteady-state phase suggests that during the initial contact of hydroperoxide and enzyme an epoxy-hydroxy fatty acid-enzyme complex may be formed.