Panela is a natural, unrefined non-centrifugal sugar obtained by intense dehydration of sugarcane juice. Acrylamide, hydroxymethylfurfural (HMF), and furfural were determined in 40 panela samples distributed as granulated and block according to the technological process. Colour, browning, moisture, water activity, pH and antioxidant capacity were also evaluated. Acrylamide ranged between 60 and 3058 µg/kg; granulated panela reporting the highest concentration (812 µg/kg) compared with block panela (540 µg/kg). The lower content in HMF and furfural, the intense dehydration, and the extensive darkening of granulated panela suggested the browning reactions were boosted due to the application of more severe thermal treatments. Principal component analysis showed a significant relationship between the panela presentation and the concentration of the analysed compounds. Benchmark values considering both types of processes would help to establish mitigation initiatives in panela products. The chromatic parameter a* could be used as an indirect index of the acrylamide content in panela.