Three new compounds, including two phenylacetic acid derivatives, monaspilosin (1) and monaspiloindole (2), and one pyranoindole alkaloid, monaspyranoindole (3), were isolated from the EtOAc-soluble fraction of the MeOH extract of the mycelia of Monascus pilosus BCRC 38072. Twelve known compounds were also obtained in this study. The structures were elucidated by 1D and 2D NMR spectroscopy and mass spectrometry. This is the first report of Monascus metabolites with an indole ring. All isolates were also evaluated for their scavenging properties toward the 2,2-diphenyl-1-picrylhydrazyl radical (DPPH) in TLC autographic and spectroscopic assays.