Lobster mushrooms, a type of wild edible mushroom that primarily grows in North America, have a distinctive aroma resembling seafood and are highly desired by fine dining establishments and food enthusiasts. Lobster mushrooms have a short collection season; therefore, they are usually dried for a year-round sale. Owing to their rising popularity, lobster mushrooms have become one of the most expensive mushroom species in the dried mushroom market. Herein, 35 odorants were identified from dried lobster mushrooms using solvent assisted flavor evaporation (SAFE) and aroma extract dilution analysis (AEDA). Fourteen odorants were quantitated using stable isotope dilution assays (SIDA), and their odor activity values (OAVs) were calculated. Eleven of the quantitated odorants exhibited OAVs of ≥1. Some notable odorants with relatively high OAVs included 2-acetyl-1-pyrroline (OAV 730), γ-nonalactone (OAV 410), 1-octen-3-one (OAV 180), and sotolon (OAV 170). The organohalogen molecule 2,6-dichlorophenol was determined to be key to the seafood aroma character of the mushrooms. An aroma simulation model formulated based on the quantitation data closely matched the aroma profile of the dried mushrooms. This study lays the groundwork for future studies aimed at understanding the effect of processing on lobster mushroom aroma chemistry and the biotechnological production of natural seafood flavors.