Dismembered ophiolites in the Early Paleozoic Olkhon terrane, a part of the Baikal collisional belt in the southern periphery of the Siberian craton, occur as fault-bounded blocks of ultramafic and mafic rocks from a few meters to hundreds of meters in size. The ultramafic rocks are mainly dunite–harzburgite peridotites with gradual transitions between the lithologies, as well as moderate amounts of enstatitite, wehrlite, and clinopyroxenite, but no lherzolite. Most peridotites have strongly depleted chemistry and a mineralogy corresponding to the harzburgite type usual for ophiolites of suprasubduction zones (SSZ). The mafic rocks are leuco-to melanocratic gabbros with different relative percentages of clinopyroxene, olivine, and plagioclase, which enclose thin layers and lenses of clinopyroxenite and anorthosite. They bear back-arc basin geochemical signatures, a setting inferred for the Neoproterozoic southern Siberian craton. The gabbroic rocks are of two geochemical groups; most of their trace-element patterns show Ta-Nb minimums and Sr maximums common to suprasubduction zone ophiolites. Judging by the Ol + Opx + Chl + Chr mineral assemblages, the Olkhon peridotites underwent low amphibolite and amphibolite regional metamorphism at 500–650 °C. The occurrence of the ultramafic and mafic bodies is consistent with formation in an accretionary wedge metamorphosed during a collisional orogeny. The mantle and crustal parts of the Olkhon ophiolite suite apparently were incorporated into the terrane during the frontal collision of perio-oceanic structures with the Siberian craton. Then, in a later oblique collision event, they became dismembered by strike-slip faulting into relatively small bodies and fault blocks exposed in the present erosional surface.