The biotransformation of monoterpenic agro-industrial wastes (turpentine oil and essential orange oil) was studied. More than 40 fungal strains were isolated from Brazilian tropical fruits and eucalyptus trees and screened for biotransformation of the waste substrates. Solid phase microextraction was used to monitor the presence of volatile compounds in the headspaces of sporulated surface cultures. The selected strains were submitted to submerged liquid culture. The biotransformation of R-(+)-limonene and ${alpha},;{eta}-$ pinenes from the oils resulted in ${alpha}-terpineol$ and perillyl alcohol, and verbenol and verbenone, respectively, as the main products. The selected strains were also placed in contact with ${alpha}-$ and ${eta}-$ pinenes standards. It was confirmed that verbenol, verbenone, and ${alpha}-terpineol$ were biotransformation products from the terpenes. A concentration of 90 mg/L of verbenone was achieved by Penicillium sp. 2360 after 3 days of biotransformation.