The cationic photopolymerization of triethylene glycol divinyl ether and concomitant formation of silver particles by the use of radical photoinitiators (BAPO and BEE) and an organosoluble silver salt (AgSbF6) are reported for the first time. The rate of photopolymerization is increased with higher concentrations of BEE, but the effect of AgSbF6 concentration is more complex. A localized surface plasmon resonance due to the formation of silver particles was observed very shortly after the commencement of irradiation, and the maximum absorption was found to increase with irradiation time as the particle concentration and size grew. The simultaneous formation of the polymer also stabilizes the particles and prevents their agglomeration. After a certain irradiation period, the maximum absorption reaches a plateau, prior to depletion of either silver ion or photoinitiator, suggesting that the formation of the polymer matrix may restrict silver particle growth. TEM studies reveal the presence of ∼10 nm diameter, crystalline silver nanoparticles, and SAXS also confirms the presence of these nanoparticles.