Fierz identities are discussed in the wikipedia article:
http://en.wikipedia.org/wiki/Fierz_identity
but the article doesn't give any derivation. The article implies that they arise from the blade structure of a Clifford algebra.
Some notes to be deleted after we have a solution:
They seem to arise in QFT calculations and (perhaps as a result) they can always be put into "pure density matrix" form. That is, the spinors can be arranged to appear in an order that makes them natural for a trace operation.
For example, with $U,V,W$ as unspecified operators and $\theta,\psi$ as spinors, one might have:
$(\bar{\theta}U\theta)(\bar{\psi} W\theta)(\bar{\theta} V\psi)$
where the unbarred and barred spinors do not always match as they do in "$...\theta)(\bar{\theta}...$". But this can be rearranged to give:
$(\bar{\theta}U\theta)(\bar{\theta} V\psi)(\bar{\psi} W\theta)$
One can then turn the $\psi\bar{\psi}$ type elements into (almost) pure density matrices and treat the problem as one of computing traces:
$\textrm{tr} [ (\theta\bar{\theta}U\theta\bar{\theta} V\psi\bar{\psi} W ]$
And then one can use various properties such as the fact that with pure density matrices such as $|a\rangle\langle a|^2 = |a\rangle\langle a|$ one has that anything that begins and ends with such a thing has to be a complex multiple of the pure density matrix.
This would give the Fierz identities without explicitly looking at the blade structure of the Clifford algebra and that is very suspicious to me. I doubt it works.
On a previous question: Some Majorana fermion identities I intuitively convinced myself that Fierz identities could be established this way (and some very smart people seemed to agree) but when I tried to solve that problem this way I quickly was buried in unsuccessful calculations. Now it could be that that particular problem couldn't easily be so attacked, or my method was misapplied, etc.; I'm not sure.