Geosmin and 2-methylisoborneol are the most recognized off-flavors in freshwater fish, but terpenes may also contribute off-flavor in fish. We identified six monoterpenes, 11 sesquiterpenes, and three terpene-related compounds in pangasius and tilapia from aquaculture farms in Bangladesh. The concentrations of most of the volatiles were below published odor thresholds, except for α-pinene, limonene, β-caryophyllene, α-humulene, and β-ionone in tilapia, and limonene and β-ionone in pangasius. To identify sources of the terpenes, terpene profiles of fish feed and phytoplankton in the ponds were analyzed. In feed and mustard cake (feed ingredient), five monoterpenes and two sesquiterpenes were identified, and five of these compounds were also detected in the fish. In phytoplankton, 11 monoterpenes were found and three also occurred in the fish. The higher number of terpenes common to both fish and feed, than to fish and phytoplankton, suggests that feed was a more abundant source of odor-active terpenes in the fish than phytoplankton.