Cell-based therapies show considerable potential as an immunomodulatory strategy for a variety of lung diseases, including chronic obstructive pulmonary disease (COPD), asthma, bronchiolitis, acute lung injury, lung allograft rejection (acute or chronic), pulmonary fibrosis. Described herein is the development of red blood cell membrane-derived microparticles (RBC MPs), which are depleted of hemoglobin (Hb) and express phosphatidylserine on their surface, for the treatment of lung disease. Administration of RBC MPs to the lung via inhalation promotes the production of immunoregulatory cytokines (such as IL-10), and reduces inflammation and injury in the lung.