Biocompatible colloidal dispersions of the micro- and nanoemulsion type based on lemon oil terpenes, polysorbates, water, and glycerol were used for the formulation of pyrethrins, botanical insecticides derived from the white pyrethrum daisy, Tanacetum cinerariifolium. The proposed formulation is based on pyrethrin-containing water-in-oil (W/O) microemulsions that could be diluted in one step with an aqueous phase to obtain kinetically stable oil-in-water (O/W) nanoemulsions. Structural characteristics of the micro- and nanoemulsions were evaluated by electron paramagnetic resonance (EPR) spectroscopy, dynamic light scattering (DLS), small angle X-ray scattering (SAXS), and electrical conductivity. Dynamic properties of the surfactant monolayer as evidenced by EPR measurements were affected by the water content, the surfactant, and also the presence of the biocide. DLS and SAXS experiments of the nanoemulsions indicated the existence of two populations of oil droplets dispersed in the aqueous phase, globular droplets of 36-37 nm in diameter, and also larger droplets with diameters >150 nm. All of the applied techniques for structural determination revealed the participation of the biocide in the nanostructure. The insecticidal effect of the encapsulated natural pyrethrin was evaluated in laboratory bioassays upon a target-insect pest, the cotton aphid Aphis gossypii Glover (Hemiptera: Aphididae) in eggplant, and was found to be increased compared to the commercial pyrethrin formulation.