In this paper, an on-line closed-loop identification of mainly mass and inertia of an under-actuated aerial vehicle, namely a quadrotor acting as an aerial manipulator, is presented. Being treated as a rigid body, only one set of eighteen- or six tri-axial linear accelerometers is used to facilitate such estimation. Force and torque disturbances acting upon the vehicle during identification are also estimated which will refine the overall estimation quality of the unknown parameters. Namely, recursive linear and nonlinear least squares methods are used to obtain initial and refined estimations, respectively. Random disturbances are introduced to the closed-loop system to ensure enough excitation of the overall system. Issues related to identifiability, stability and performance are discussed. Since the proposed method depends on general kinematical and dynamical analyses of motion, it is claimed that the presented method will be also applicable to a wider range of, mainly, aerial vehicles.