Food and feed contamination by fungi, especially by toxigenic ones, is a global concern because it can pose serious health problems when the production of mycotoxins is involved. Lactic acid bacteria (LAB), well-known for fermenting foods, have been gaining attention for their antifungal and anti-mycotoxin properties. This work tested 14 LAB strains isolated from naturally fermented Brazilian table olives for growth inhibition of Aspergillus flavus, Aspergillus carbonarius, Penicillium nordicum, and Penicillium expansum. The strains Lacticaseibacillus paracasei subsp. paracasei CCMA 1764, Levilactobacillus brevis CCMA 1762, and Lactiplantibacillus pentosus CCMA 1768 showed the strongest antifungal activity, being more active against P. expansum. Aflatoxin B1 (AFB1), ochratoxin A (OTA), and patulin (PAT) production was reduced essentially by mycelia growth inhibition. The main organic acids detected in the cell free supernatant (CFS) were lactic and acetic acids. Tested LAB exhibited adsorption capacity against AFB1 (48–51%), OTA (28–33%), and PAT (23–24%). AFB1 was converted into aflatoxin B2a (AFB2a) by lactic and acetic acids produced by the strain CCMA 1764. A similar conversion was observed in solutions of these organic acids (0.1 M). These findings demonstrate the potential of isolated LAB strains as natural agents to control toxigenic fungi and their mycotoxins in fermented products, such as table olives.