Toxic compounds such as heterocyclic amines (HAs) and polycyclic aromatic hydrocarbons (PAHs) can be produced during food processing, especially meat products. This study aims to monitor the formation of HAs and PAHs in fried pork fiber, a common meat product in Taiwan, at different processing conditions. A total of six experimental groups, including raw pork tenderloin, dried pork filaments, sesame oil-stir-fried pork at 160 °C for 15 min, sesame oil-stir-fried pork at 200 °C for 6 min, lard-stir-fried pork at 160 °C for 15 min, and lard-stir-fried pork at 200 °C for 6 min, were prepared and analyzed for formation of HAs via UPLC-MS/MS and PAHs via GC-MS/MS in triplicate. Frying in sesame oil or lard showed a greater content of total HAs in fried pork fiber processed at 160 °C for 15 min than at 200 °C for 6 min. However, in the same heating conditions, pork fiber fried in sesame oil produced a higher level of total HAs than that fried in lard. Of the various HAs in fried pork fiber, both Harman and Norharman were generated in the highest amount. The precursors, including reducing sugar, amino acid, and creatine/creatinine, played a vital role in HAs formation in fried pork fiber. For total PAHs, the highest level was shown for pork fiber fried in lard at 200 °C/6 min, followed by frying in sesame oil at 200 °C/6 min and 160 °C/15 min, and in lard at 160 °C/15 min. Like HAs, at the same heating condition, a greater content of total PAHs was produced in pork fiber fried in sesame oil than in lard. Notably, the highly toxic benzo[a]pyrene was undetected in fried pork fiber. The PAH precursor benzaldehyde was shown to generate at a much higher level than 2-cyclohexene-1-one and trans,trans-2,4-decadienal in fried pork fiber, and it should play a more important role in PAH formation. Principal component analysis (PCA) also revealed that the formation mechanism of HAs and PAHs in fried pork fiber was different.