The key aroma constituents in the volatile fractions isolated FROM two differently processed fry breads by solvent-assisted flavor evaporation were characterized by an aroma extract dilution analysis (AEDA). Twenty-two compounds were identified with flavor dilution (FD) factor ranges of 2–516. Among them, 13 compounds (FD ≥ 16) were quantified by stable isotope dilution assays and analyzed by odor activity values (OAVs). Of these, 11 compounds had OAVs ≥ 1, and the highest concentrations were determined for δ-decalactone and 2,3-butanedione. Two recombination models of the fry breads showed similarity to the corresponding fry breads. Omission tests confirmed that aroma-active constituents, such as δ-decalactone (oily/peach), 2-acetyl-1-pyrroline (roasty/popcorn-like), 3-methylbutanal (malty), methional (baked potato-like), 2,3-butanedione (buttery), phenyl acetaldehyde (flowery), ( E,E )-2,4-decadienal (deep-fried), butanoic acid, and 3-methylbutanoic acid, were the key aroma constituents of fry bread. In addition, 3-methoxy-4-vinylphenol (smoky) and 4-hydroxy-2,5-dimethyl-3(2H)-furanone were also identified as important aroma constituents of fry bread.