The risk of mycotoxins co-occurrence in extrusion-produced dry foods increases due to their composition based on various grains and vegetables. This study aimed to validate a risk estimation for the association between ingredients and the ELISA-detected levels of DON, FUM, ZEA, AFs, T2, and OTA in 34 dry dog food products. The main ingredients were corn, beet, and oil of different origins (of equal frequency, 79.41%), rice (67.6%), and wheat (50%). DON and FUM had the strongest positive correlation (0.635, p = 0.001). The presence of corn in the sample composition increased the median DON and ZEA levels, respectively, by 99.45 μg/kg and 65.64 μg/kg, p = 0.011. In addition to DON and ZEA levels, integral corn presence increased the FUM median levels by 886.61 μg/kg, p = 0.005. For corn gluten flour-containing samples, DON, FUM, and ZEA median differences still existed, and OTA levels also differed by 1.99 μg/kg, p < 0.001. Corn gluten flour presence was strongly associated with DON levels >403.06 μg/kg (OR = 38.4, RR = 9.90, p = 0.002), FUM levels >1097.56 μg/kg (OR = 5.56, RR = 1.45, p = 0.048), ZEA levels >136.88 μg/kg (OR = 23.00, RR = 3.09, p = 0.002), and OTA levels >3.93 μg/kg (OR = 24.00, RR = 3.09, p = 0.002). Our results suggest that some ingredients or combinations should be avoided due to their risk of increasing mycotoxin levels.