We describe and demonstrate a general strategy for engineering binary and ternary hybrid nanoparticles based on spontaneous epitaxial nucleation and growth of a second and third component onto seed nanoparticles in high-temperature organic solutions. Multifunctional hybrid nanoparticles that combine magnetic, plasmonic, and semiconducting properties and that are tunable in size and morphology can be realized, as demonstrated for combinations of Au, Fe3O4 and PbS or PbSe. The properties of each component within the hybrids can be modulated strongly by the conjugating component(s) aided by the coherent interfaces between them.