An average sample of ferromanganese nodules from Riga Bay was investigated by analytical electron microscopy coupled with atomic absorption, neutron activation, and ICP-MS methods. It is established that the nodules consist of colloform and poorly crystallized Fe and Mn hydroxides with an admixture of dispersed inclusions of better crystallized particles allowing revealing their mineralogical nature by the microdiffraction method. The major mineral phases are ferroxigite and Fe-vernadite with subordinate magnetite, asbolane, and todorokite. The chemical composition of the nodules is dominated by iron followed by cobalt and lead, while nickel, molybdenum, and tungsten associate with the manganese phase. The concentration of several minor elements in the Riga Bay nodules is slightly lower as compared with their average values for the entire Baltic Sea; some elements such as silver, bismuth, cadmium, niobium, tin, and thallium were never analyzed before.