Today’s society demands healthy meat with a special emphasis on integrated animal husbandry combined with the concern for animal welfare. In this sense, the raising of lambs in an extensive system has been one of the most common practices, which results in meats with high nutritional value. However, both the production system and the diet play a fundamental role in the chemical composition of the meat, which has a direct impact on the content of volatile compounds. Thus, the aim of this study was to determine the effect of two production systems (intensive and extensive) on the chemical composition and volatile profile of lamb meat. Twenty-eight lambs of the Bordaleira-de-Entre-Douro-e-Minho (BEDM) sheep breed were raised for meat production under the intensive or extensive system and were fed with concentrate and pasture, respectively. All animals were carried out in the muscle longissimus thoracis et lumborum. Results evidenced that all the composition parameters were affected by the production system. Extensively-reared lambs produced meat with the highest fat and protein contents, while these animals had the lowest percentages of moisture and ash. Similarly, the total content of volatile compounds was affected (p < 0.05) by the production system and were higher in the meat of lambs reared extensively. Furthermore, the content of total acids, alcohols, aldehydes, esters, ethers, furans and sulfur compounds as well as most of the individual compounds were also affected (p < 0.05) by the production system, whereas total hydrocarbons and ketones were not affected (p > 0.05). As a general conclusion, the production system had very high influence not only in proximate composition but also in the volatile compounds.