Expanded polystyrene (EPS) contains benzene and styrene, posing a risk to human health. Research objective was to create and evaluate a bio-based material that mimics EPS physical and mechanical properties; this material was developed from crop residues (Triticum sp.), fungi (Pleurotus sp.), and edible films (carrageenan, chitosan, and xanthan gum). Treatments differed in the type of film applied over the bio-based material, and physical and mechanical properties were evaluated. Compressive and flexural strength ranged from 20 to 60 kPa and 4.6 to 17.9 kPa, respectively; dimensional stability and relative density ranged from 5.1 to 7.3% and 178.7 to 198.9 kg m−3, respectively. The bio-based material does not pose to be an alternative to EPS yet, and further researches must assess water absorption and biodegradability.