Two nodulose-spored species, belonging to section Margaritae, are described from Fennoscandia. Inocybe caprimulgi grows on sandy soils from the hemiboreal zone to low-alpine zone. I. lacunarum appears often in moist depressions, in the hemiboreal alnd southern boreal zones. I. substellata is recorded for first time in Sweden, Norway and Finland, and I. krieglsteineri from Sweden.