Okara (soybean residue), a by-product from soymilk and tofu production, has a green, grassy off odour as it contains a large amount of aldehydes. This work investigated the rate-limiting enzyme(s) in the formation of aldehydes in okara and the pathways leading to their bioconversion into fruity, pleasant-smelling esters by the yeast Lindnera saturnus. Lipase and hydroperoxide lyase were shown to be rate-limiting enzymes while endogenous soy lipoxygenase was also crucial for the production of aldehydes in okara. Subsequent fermentation of okara by L. saturnus increased the amount of esters by about 70 times to 165-277g/g dried okara. The generation of C7 esters followed our hypothesised pathway, while that for C6 esters was mainly affected by L. saturnus. This study presents a simple and inexpensive one-pot setup for the natural bio-production of esters from okara.