Lemna species have been used in the food, feed, and pharmaceutical industries, as they are inexpensive sources of proteins, starches, and fatty acids. In this study, we treated L. paucicostata with different concentrations (0.05, 0.1, 0.2, 0.5, or 1 mM) of ethephon. The total dry weight decreased in all ethephon-treated groups compared to the control group. We also investigated the alteration of metabolic profiles induced by ethephon treatment by using gas chromatography-mass spectrometry. This analysis identified 48 metabolites, and the relative levels of most of alcohols, amino acids, fatty acids, and phenols increased by the ethephon treatment, whereas levels of organic acids and sugars decreased. Among these, the highest production of γ-aminobutyric acid (GABA, 5.041 ± 1.373 mg/L) and ferulic acid (0.640 ± 0.071 mg/L) was observed in the 0.5 mM and the 0.2 mM ethephon treatment groups, respectively. These results could be useful for large-scale culture of L. paucicostata with enhanced GABA and ferulic acid content for utilization in the food, feed, cosmetic, and pharmaceutical industries.