A process for preparing low fat shaped snack products having a light, crispy, crunchy texture is disclosed. A dough is formed from 50% to 80% flour, preferably potato flour, and water (20% to 50%), and formed into a sheet from which snack pieces are cut. The snack pieces are coated with an oil, constrained in a mold and cooked, preferably with hot air or superheated steam, to provide a snack having 10% to 20% fat and having a fried-like texture and flavor.