Municipal solid waste incinerator (MSWI) fly ash was investigated to study metal distribution on the particle surface. A detailed investigation into the distribution of chlorine, copper, iron, and zinc was carried out by electron microscopy coupled with X-ray fluorescence spectroscopy. Compositional and leaching test data were used to identify the correlation of significant variables and to formulate a hypothesis about metals speciation. The presence of copper chloride, iron, and zinc oxides was inferred. The iron and zinc accumulation in the submicron nuclei indicates that these metals came from the condensation of volatile species. As far as concerns copper, morphological data together with the element correlation study suggest that this element accumulates on particles involved in heterogeneous condensation processes. Furthermore, during such processes, particles of small size containing copper are formed.