HW Vir systems are rare evolved eclipsing binaries composed by a hot compact star and a low-mass main-sequence star in a close orbit. These systems provide a direct way to measure the fundamental properties, e.g. masses and radii, of their components, hence they are crucial to study the formation of sdB stars and low-mass white dwarfs, the common-envelope phase, and the pre-phase of cataclysmic variables. Here we present a detailed study of HS 2231+2441, an HW Vir type system, by analysing BVR$_C$I$_C$ photometry and phase-resolved optical spectroscopy. The spectra of this system, which are dominated by the primary component features, were fitted using NLTE models providing effective temperature Teff = 28500$pm$500 K, surface gravity log g = 5.40$pm$0.05 cm s$^{-2}$, and helium abundance log(n(He)/n(H)) = -2.52$pm$0.07. Geometrical orbit and physical parameters were derived by modelling simultaneously the photometric and spectroscopic data using the Wilson-Devinney code. We derive two possible solutions for HS 2231+2441 that provide components masses: M$_1$ = 0.19 M$_{odot}$ and M$_2$ = 0.036 M$_{odot}$ or M$_1$ = 0.288 M$_{odot}$ and M$_2$ = 0.046 M$_{odot}$. Considering the possible evolutionary channels to form a compact hot star, the primary of HS 2231+2441 probably evolved through the red-giant branch scenario and does not have a helium-burning core, which is consistent with a low-mass white dwarf. Both solutions are consistent with a brown dwarf as the secondary.