FP2B (PF3D7_1115300) is an active papain-family cysteine protease expressed as an enzyme during the erythrocytic trophozoite stage of P. falciparum (PMID:16595182, PMID:16095562). Its refolded mature protease domain is an acidic hemoglobinase with pH optima of 5.5–7.0, a reducing-agent requirement, and hemoglobin-hydrolyzing activity biochemically similar to the closely related isozyme falcipain-2 (97.5% sequence identity), from which it is distinguished by greater substitution tolerance at position 149 (PMID:16337629, PMID:16095562). Active-site mutagenesis identified residues I85, S149, and A151 as structurally critical for catalysis, since double mutants at these positions abolished activity (PMID:16095562). Beyond hemoglobin, recombinant FP2B selectively cleaves host erythrocyte ankyrin but not protein 4.1 in an inside-out-vesicle assay, implicating it in erythrocyte cytoskeletal proteolysis relevant to parasite egress (PMID:16595182). FP2B is a component of an ~200-kDa food-vacuole complex that also contains plasmepsin II, plasmepsin IV, histo-aspartic protease, and heme detoxification protein (HDP), which together drive hemoglobin degradation and hemozoin formation; in vitro, FP2B and HDP efficiently convert hemoglobin to hemozoin (PMID:23471987). FP2B is inhibited by 1,4-benzodiazepine-based peptidomimetic aspartyl-aldehyde compounds, establishing it as a druggable cysteine protease (PMID:16722625).