パン

How it works

Here の (of) links 焼きたて(やきたて) (freshly baked) to パン (bread), building one description “freshly-baked bread” before the noun. は (topic) then raises that as the topic — “as for the freshly-baked bread…” — and いい匂い(いいにおい) (good smell) is the comment about it. Notice there's no です (is) at the end: dropping the copula leaves it casual, like an offhand “smells so good.”