The aim of this study was to investigate the effect of using different reforestation woods (Acacia mearnsii and Eucalyptus citriodora) on the formation of volatile organic compounds and to evaluate the changes in the lipid fraction (peroxide value and thiobarbituric acid reactive substances), microbiological counts and overall liking in bacons stored for 60 days at 5 ± 1 °C. Smoking with Eucalyptus citriodora wood increased the total phenolic content and, consequently, reduced the concentration of hexanal, TBARS, and PV values. Although smoking with different reforestation woods did not impact negatively on the liking of products, no changes on antimicrobial activity was observed in the developed products. Thus, the use of Eucalyptus citriodora wood may be an alternative for smoking meat products as it reduced lipid oxidation and improved the volatile compounds profile, and provided higher antioxidant activity. The information generated herein can be used as a platform for companies to test the viability of producing meat products smoked with reforestation woods.