This paper presents a novel time-frequency procedure based on the warped frequency transform (WFT) to process multi-mode and dispersive Lamb waves for structural health monitoring (SHM) applications. The proposed signal processing technique is applied to time waveforms recorded at an array of scan points after waveguide excitation. The WFT is combined with a basis pursuit algorithm to extract the distance traveled by the ultrasonic waves even in the case of multi-modal dispersive propagation associated with broadband excitation of the waveguide. This is obtained through a decomposition of the acquired signals using dictionaries composed by optimized atomic functions which are designed to match the spectro-temporal structure of the various propagating modes. The warped basis pursuit (W-BP) analysis of several acquired waveforms results in distance signals that can be combined through classical beamforming techniques for acoustical source imaging purposes. A masking procedure is also proposed to suppress imaging noise. This approach is tested on experimental data obtained by broadband guided wave excitation in a 1-mm-thick aluminum plate with an artificially introduced through crack and tiny holes, followed by multiple waveguide displacement recording through a scanning laser Doppler vibrometer. Dispersion compensation, high-resolution source, and defect imaging are demonstrated even in domain regions that are not directly accessible for measurement.