A model for the fast pyrolysis of anisotropic biomass particles is presented which considers bubbling dynamics within the liquid intermediate phase (metaplast) and aerosol ejection from this phase. The model employs the population balance equation and the method of moments to estimate the production rate and resultant size distribution of aerosol ejections, incorporating a detailed CRECK reaction mechanism, and considers the effect of anisotropic biomass microstructure on the intraparticle transport of mass and energy. This study investigates the impact of particle size, heating rate (heat transfer coefficient), and lignocellulosic composition on aerosol ejection. The model predicts that, at high heating rates (convective heat transfer coefficient of 359 W/m2.K), aerosols can contribute over 20% to the heavy fraction yield in bio-oil for small particles (1 mm diameter, 4 mm length). The model can predict aerosol size distribution and surface area, indicating an average size of 20 μm for bubbles and 5 μm for aerosols during increased bubble production and aerosol ejection rates. These findings are consistent with prior experimental results and provide essential information for future modeling of extra-particle reactions of the aerosols as they progress through the reactor.