This paper introduces new schemes for detection, isolation, and compensation of speed and current sensor (CS) faults in field oriented induction motor (IM) drives. These schemes do not use any kind of machine model and motor parameters. This is a prominent feature of the proposed approaches, which only rely on main concepts of field-oriented control (FOC)-based IM drives. Moreover, the proposed fault detection and isolation (FDI) schemes can take partial sensor failures into account. These kinds of faults that might be caused by mechanical or electrical failures, or intentional sensor tampering, are difficult to be dealt with since embedded speed and current control loops react swiftly, and inherently try to camouflage partial sensor failures. CS faults result in imbalance current flow in the motor stator phases, and speed sensor fault repudiates the orthogonally alignment of field and torque current components in field oriented IM drives. These features are cornerstones of introduced FDI methodology. Furthermore, model and parameter free compensators are proposed to recover normal operation of the machine before fault incident. After in-depth analysis, extensive simulation and experimental tests validate the proposed schemes.