Flavor is one of the most important quality properties of cacao beans, playing a key role in the admissibility of cocoa products, such as cocoa powder. This study examined the industrial processes influencing the flavor of cacao beans. The Ivory Coast cacao beans were used after their alkaline treatment with potassium carbonate (up to pH 7.5–8) and being roasted at 115–120°C for 60–70 min. The volatile components were extracted using Likens–Nickerson simultaneous distillation–extraction (SDE) apparatus. The volatile compound profiles were identified by means of gas chromatography–mass spectrometry (GC–MS), as a result of which several compounds (alcohols, carboxylic acids, aldehydes, ketones, esters, and pyrazines) were recognized. Alkalization and roasting were shown to be two important steps in the cacao beans processing that can affect the final cocoa powder flavor. In addition, pyrazines and esters were two major groups of flavor compounds formed during the roasting stage by the Maillard reaction. The percentage of 2,3,5,6‐tetramethylpyrazine was detected in the cacao beans equal to 0.5%. After the liquor pressing stage, tetramethylpyrazine increased to its highest amount (3%) in cocoa powder. It was found that the cocoa powder contained 2.69% of tetramethylpyrazine, 3.22% isobutyl benzoate, and 1.38% linalool. The highest percentage of increase in the mean amounts of 2,3,5,6‐tetramethylpyrazine, isobutyl benzoate, and linalool were observed in the roasting stage, after which the percentages diminished.