The Passaredo bus transport company, owned by Viação Passaredo, started regional aircraft operations in 1995. Following a suspension of operations in April 2002, it restarted operations in 2004. It is wholly owned by Grupo Passaredo.
From December 23, 2010 until July 31, 2014 Passaredo has had an operational partnership with Gol Linhas Aéreas, replacing an earlier similar agreement with TAM Airlines. However on August 1, 2014, Passaredo re-established an operational partnership with TAM.
Passaredo applied to the Commercial Bankruptcy and Reorganization Court in Ribeirão Preto on 19 October 2012, for the commencement of "judicial reorganization" proceedings pursuant to the New Bankruptcy and Restructuring Law of Brazil (Law 11.101). Operations continue as normal.
In the year 2014 Passaredo along with Avianca, was considered the safest of Brazil in a ranking of AirlineRatings.com, receiving seven star rating. The staff evaluated 449 airlines to security criteria. A total of 149 evaluated airlines got seven stars, the highest score.
On 25 August 2010, Passaredo Linhas Aéreas Flight 2231, operated by an Embraer ERJ-145, crashed on approach to Vitória da Conquista. The plane landed short of the runway and the crew lost control, resulting in the aircraft sustaining severe damage before coming to a stop away from the runway. Two of the 27 people on board were injured. The airline said the plane was unable to lower landing gear, although observers said the landing gear was lowered while the aircraft was landing.