Thirty-one highly modified lanostanes (1-31), together with 19 known compounds (32-50), were isolated from fruiting bodies of the wood-rot basidiomycete Tomophagus sp. The structures were elucidated by analyses of HRMS and NMR spectroscopic data. The present work demonstrates the high structural diversity of modified lanostane triterpenoids from Tomophagus. This paper also discusses structural revisions of several known derivatives. Some of the isolated compounds exhibited moderate antimalarial activity against Plasmodium falciparum K1 (IC<sub>50</sub> 5.1-19 μM).