We analyzed observations of a swarm of more than 40,000 long‐period (LP) seismic events at Taal volcano, Philippines, in 2010–2011. The event waveforms are strongly correlated to each other, consistent with a fixed source location, and begin with a dilatational first motion. They have a peak frequency around 0.8 Hz and a quality factor Q of 6. Waveform inversion of the events pointed to a tensile crack source dipping 30°–60° at a shallow (100–200 m) depth. A simulation using a fluid‐filled crack model indicated that the complex frequencies of the waveforms are explained by the fundamental longitudinal mode resonance of a vapor‐filled crack 188 m long. A satellite thermal infrared image acquired during the swarm period suggests that the LP events were not accompanied by surface gas releases. We considered a vapor transportation model in which vapor exsolved from magma and rose in a fissure extending to the LP source. This model yielded estimates that 105–107 m3 of magma was involved in the LP swarm and that the temperature of vapor in the LP source crack was around 600 K. We modeled a triggering mechanism of the crack resonance based on sudden condensation of vapor at the crack tip in a cold aquifer. This model explained observed characteristics of the events including the dilatational first motion, the total volumetric change, and the fixed source location.