Phospholipase A₂ (PLA₂) catalyses the release of arachidonic acid for generation of lipid mediators of inflammation and is crucial in diverse inflammatory processes. The functions of the secretory PLA₂ enzymes (sPLA₂), numbering nine members in humans, are poorly understood, though they have been shown to participate in lipid mediator generation and the associated inflammation. To further understand the roles of sPLA₂ in disease, we quantified the expression of these enzymes in the synovial fluid in rheumatoid arthritis and used gene‐deleted mice to examine their contribution in a mouse model of autoimmune erosive inflammatory arthritis. Contrary to expectation, we find that the group V sPLA₂ isoform plays a novel anti‐inflammatory role that opposes the pro‐inflammatory activity of group IIA sPLA₂. Mechanistically, group V sPLA₂ counter‐regulation includes promotion of immune complex clearance by regulating cysteinyl leukotriene synthesis. These observations identify a novel anti‐inflammatory function for a PLA₂ and identify group V sPLA₂ as a potential biotherapeutic for treatment of immune‐complex‐mediated inflammation.