The peel of Gac fruit (Momordica cochinchinensis Spreng.), which is considered as waste of Gac processing, has been found to possess high levels of carotenoids and other antioxidants. This study aimed at determining the optimal conditions of an ultrasound-assisted extraction for recovering carotenoids and antioxidant capacity from Gac peel. A response surface methodology using the Box−Behnken design was employed to investigate the impact of extraction time, temperature and ultrasonic power on the recovery of total carotenoid and antioxidant capacity. The results showed that an extraction time of 76 min, temperature of 50 °C and ultrasonic power of 250 W were the optimal conditions for the extraction. The experimental carotenoid yield and antioxidant capacity obtained under the optimal extraction conditions were validated as 269 mg/100 g DW (dry weight) and 822 µM TE (Trolox equivalent)/100 g DW, respectively. These values were not significantly different from the values predicted by the models. The HPLC analysis for carotenoid composition showed that β-carotene, lycopene and lutein were the principal carotenoids of the extract, which constitute 86% of the total carotenoid content. Based on the obtained results, the ultrasound-assisted extraction using ethyl acetate under the above optimal conditions is suggested for the simultaneous recovery of carotenoids and antioxidant capacity from Gac peel.