Dietary fat is highlighted as one of the critical risk factors that contribute to a number of chronic diseases. In this study, the sensory profile, tribological, and rheological properties of starch–lipid complexes, as a potential fat replacer, is investigated. Starch–lipid complexes are formulated by incorporating food friendly chemicals (stearic acid and monoglyceride) into maize starch by wet-heat processing and compared with a commercial fat replacer. The starch–lipid complexes have good lubricating properties and are described by the panelists as being glossy, smooth, creamy, and easy-to-swallow. All the complexes exhibited a shear thinning behavior and had lower firmness, due to their non-gelling ability compared to the commercial fat replacer. The properties of starch–lipid complexes for non-gelling, good lubricating, smooth, and creamy can be related to the formation of amylose–lipid complexes and other properties. The complexes have the potential to produce non-gelling emulsions having a creamy and smooth texture with no adverse effect on the overall aroma and flavor.