Annatto is a natural food colorant extracted from the seeds of the Bixa orellana L. plant. Annatto is used in Latin American cuisine to add a deep red color as well as distinctive flavor notes to fish, meat, and rice dishes. In the United States, annatto extracts are primarily used to impart orange/yellow hues to cheese and other dairy foods. The objective of this study was to identify and compare volatile compounds present in water- and oil-soluble annatto extracts. Volatile compounds were recovered using dynamic headspace-solvent desorption sampling and analyzed using GC-MS. Compounds were identified by comparison to a mass spectral database, Kovats indexes, and retention times of known standards. Of the 107 compounds detected, 56 compounds were tentatively identified and 51 were positively identified. Volatile profile differences exist between water- and oil- soluble extracts, and annatto extracts contain odorants with the potential to influence food aroma.