Benin's military announced on national television that it had overthrown President Patrice Talon, suspended the Constitution, and closed all land borders and airspace.
However, Benin's Interior Minister, Alassane Seydoux, later said the authorities had foiled the coup attempt.
"A small group of soldiers mutinied to destabilize the country and its institutions. The Beninese armed forces and their leadership have kept the situation under control and thwarted the coup attempt," the minister said on television.
A presidential adviser told the BBC that Patrice Talon was in a safe place.
"It is a small group that only controls television. The regular army is regaining control. The city and the country are completely safe," a spokesman for the president's office said.
However, the situation remains tense in the capital, Cotonou. In the afternoon, loud explosions were heard, allegedly caused by an air strike.
Local media reported that Lieutenant Colonel Pascal Tigri, who led the coup attempt, was on the run and was being sought.
Fourteen people have been arrested in connection with the coup attempt. The BBC's Beninese correspondent reported that 12 of them were believed to have taken part in the seizure of the national television building.
The rebels explained their actions by dissatisfaction with the policies of Beninese President Patrice Talon, accusing him of "the continuous deterioration of the security situation in northern Benin."
In recent years, Benin's army has suffered losses on its northern border with Niger and Burkina Faso, where jihadists linked to IS and al-Qaeda are increasingly advancing south.
