In order to search for bio-rational and eco-friendly pest control agents to protect crops from insect infestation, while avoiding the toxic hazards of chemical pesticides, essential oils (EOs) were hydrodistilled from Juniperus procera and Thymus vulgaris and analyzed using gas chromatography–flame ionization detection (GC–FID), and gas chromatography–mass spectrometry (GC–MS). Eugenol (71.3%), β-caryophyllene (11.8%), and α-pinene (6.1%) were isolated as the major components of J. procera EO, whereas thymol (58.1%), p-cymen (10.3%), and carvacrol (8.3%) were the main terpenes in T. vulgaris EO. The EOs and terpenes exhibited considerable bioactivity against the khapra beetle using the contact and fumigation bioassays, where T. vulgaris EO was superior in bioactivity. Among the terpenes tested, carvacrol and eugenol were superior. Regarding contact toxicity using impregnated filter paper and after 24 h of exposure, the LC50 values ranged between 21.4 and 77.0 µL/cm2 against larvae and between 16.1 and 69.6 µL/cm2 against adults. After 48 h, these values decreased remarkably. Upon fumigation and after 48 h of exposure, the LC50 values ranged between 23.0 and 65.3 µL/L against larvae, and from 14.2 to 56.4 µL/L against adults. The botanicals effectively inhibited the acetylcholinesterase activity of the larvae; however, they were safe for the earthworm E. fetida and did not alter the viability of wheat grains. There is a potential for using these botanicals to control T. granarium. However, further investigations are needed to confirm the safety of these phytochemicals before use as grain protectants on a commercial scale.