Application of an aroma extract dilution analysis on an aroma distillate prepared from organically grown, raw West-African peanuts (Cameroon) revealed 36 odor-active areas in the flavor dilution (FD) factor range of 1 to 2048. The identification experiments, which were all performed by using the respective reference chemicals, revealed 2-isopropyl-3-methoxypyrazine (earthy, pea-like), 2-isobutyl-3-methoxypyrazine (bell pepper-like, earthy), and trans-4,5-epoxy-(E)-2-decenal (metallic) with the highest FD factors among the 36 aroma compounds identified. The two last mentioned odorants and another set of 22 further odorants were identified for the first time in raw peanuts. A comparative aroma extract dilution analysis applied on distillates prepared from either the raw peanuts or ground peanut meal roasted in a pan showed 52 odor-active areas in the FD factor range of 8 to 2048 in the roasted nut material. The identification experiments in combination with the FD factors revealed that among them, 2-acetyl-1-pyrroline and 4-hydroxy-2,5-dimethyl-3-(2H)-furanone showed the most significant contribution to the overall aroma, followed by 1-octen-3-one, 2-isopropyl-3-methoxypyrazine, (E, E)-2,4-decadienal, and trans-4,5-epoxy-(E)-2-decenal. As a further result, 20 aroma compounds were newly identified in roasted peanuts, such as 2-propionyl-1-pyrroline and 2-acetyltetrahydropyridine (both popcorn-like). In particular, 2-acetyl-1-pyrroline and 4-hydroxy-2,5-dimethyl-3(2 H)-furanone showed the most pronounced increase after roasting.