The aim of this work was to study the relationship between organizational and product eco-innovation and the environmental and financial performance of companies. Using a model of structural equations and a sample of 156 companies from the manufacturing industry in Colombia and Ecuador, it was found that organizational eco-innovation is positively related to financial and environmental performance, while, product eco-innovation is significantly related to environmental performance but not to financial performance. The results suggest that only one of the two types of eco-innovation (organizational) is significantly related to the two types of performance indicated. Therefore, this finding maintains the debate on the fact that eco-innovation can be specific to the context of study as suggested by some authors.