Jharkhand's Saurabh Tiwary (67), Bhavik Thaker (61) and Varun Aaron (44) batted resolutely but other batsmen did not show enough stomach for fight.
Mohanty (5/60) and Sahoo (3/34) were the pick of the bowlers while Biplab Samantray and Santosh Jena chipped in with a wicket each.
In reply, Odisha were 37 for one at stumps with Bikas Pati (14 batting) and Deepak Behera (0 batting) in the middle.
Invited to bat first after Odisha won the toss, Jharkhand were left reeling at 74 for four as Mohanty produced a hostile spell of fast bowling to get rid of opener Shasheem Rathour (0) and Bhavin Thakker (0).
Few overs later, he had Rameez Nemat (36) caught by Niranjan Behara. Jena cleaned up Ishank Jaggi (0) to send shockwaves in rival's camp.
Tiwary held one end together and stitched a 50-run partnership for the fifth wicket with Thaker to somewhat steady the ship. Tiwary's 96-ball stay at the crease, during which he hit 10 fours, came to an end when he was snapped up by Samantray.
In the process, Thaker completed his half-century with the help of eight fours and took the team past 200-run mark in the able company of Aaron. Sahoo returned for another spell to polish off the tail in style, picking up the wickets of Aaron and Shankar Rao (0).
Brief score: Jharkhand 221 all out in 67.4 overs (Saurabh Tiwary 67, Bhavin Thaker (61); Basant Mohanty 5/60, Alok Sahoo 3/34.
Odisha: 37 for i in 13 overs (Girjia Rout 21; Ajay Yadav 1/6).
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