Fe, Ti powders, and their mixtures were subjected to electric discharges in a hydrocarbon liquid. During this treatment, the powder particles’ refinement and carbide phase formation occurred. The obtained powder mixtures were consolidated by spark plasma sintering at 900 °C for 5 min under uniaxial pressure of 50–60 MPa. The densification behavior, microstructure, phase composition, and mechanical properties of the processed powder samples were investigated. The obtained results indicate the final structure sensitivity to the powder chemical composition and to the regimes of the powder synthesis by the electric discharges. The developed fabrication approach represents a novel technological route for metal–ceramic powder composites’ fabrication where the electromagnetic field assistance is employed at both powder synthesis and powder consolidation stages.