A structural model of the recently observed silicene-like nanoribbons on a Pb-induced √3 × √3 reconstructed Si(111) surface is proposed. The model, which is based on first principles density functional theory calculations, features a deformed honeycomb structure directly bonded to the Si(111) surface underneath. Pb atoms stabilize the nanoribbons, as they passivate the uncovered substrate, thus lower the surface energy, and suppress the nanoribbon–substrate interaction. The proposed structural model reproduces well all the experimental findings.