Smell's deep connection with food, memory, and social experience has long motivated researchers to bring olfaction into interactive systems. Yet most olfactory interfaces remain limited to fixed scent cartridges and pre-defined generation patterns, and the scarcity of large-scale olfactory datasets has further constrained AI-based approaches. We present AromaGen, an AI-powered wearable interface capable of real-time, general-purpose aroma generation from free-form text or visual inputs. AromaGen is powered by a multimodal LLM that leverages latent olfactory knowledge to map semantic inputs to structured mixtures of 12 carefully selected base odorants, released through a neck-worn dispenser. Users can iteratively refine generated aromas through natural language feedback via in-context learning. Through a controlled user study ($N = 26$), AromaGen matches human-composed mixtures in zero-shot generation and significantly surpasses them after iterative refinement, achieving a median similarity of 8/10 to real food aromas and reducing perceived artificiality to levels comparable to real food. AromaGen is a step towards real-world interactive aroma generation, opening new possibilities for communication, wellbeing, and immersive technologies.