Mycotoxins are secondary metabolites produced by a variety of toxin-producing fungi, and their contamination of foods and feeds poses potential health hazards to human beings and animals. As an alternative strategy for mycotoxin removal, lactic acid bacteria show a great potential in large-scale and low-cost food detoxification. This review summarizes the characteristics of several major mycotoxins in foods, and outlines the recent progress in understanding the potential of lactic acid bacteria in inhibiting the production of mycotoxins, adsorbing mycotoxins in vitro and attenuating their toxicity in vivo. This review also summarizes the application of the detoxifying potential in food systems. We anticipate that the information gathered in this review will provide a theoretical basis for lactic acid bacteria as natural mycotoxin scavengers in foods and feeds.