This study investigates polyester composites reinforced with a blended natural fibre mat comprising 40 vol% total fibre content (60% Caryota urens fibre and 40% viscose bamboo fibre) and varying concentrations of lignin biopolymer filler. The mechanical, wear, and water absorption behaviours of the developed composites were systematically evaluated to assess their performance and application potential. Among the investigated compositions, the composite containing 2 vol% lignin (PBL3) exhibited the best mechanical performance, achieving tensile, flexural, impact, and interlaminar shear strengths of 132 MPa, 164 MPa, 5.82 J, and 27.1 MPa, respectively, corresponding to improvements of 83.3%, 67.3%, 87.7%, and 20.4% over the baseline composite. These enhancements are attributed to improved fibre–matrix interfacial bonding facilitated by lignin addition. In contrast, the composite with 4 vol% lignin (PBL4) demonstrated superior tribological performance, recording the lowest specific wear rate of 0.014 mm³/Nm, a coefficient of friction of 0.24, and the highest hardness value of 87 Shore-D. The baseline composite exhibited minimal water absorption (0.5%), owing to the hydrophobic nature of the polyester matrix. Scanning electron microscopy revealed uniform fibre dispersion and reduced fibre pull-out in lignin-modified composites, corroborating the observed property enhancements. The combined lightweight nature, improved mechanical strength, wear resistance, and moisture stability indicate that the developed composites are promising sustainable alternatives for automotive interior components, construction panels, and other lightweight industrial applications.