We present the first study of subwavelength discrete solitons in nonlinear metamaterials: nanoscaled periodic structures consisting of metal and nonlinear dielectric slabs. The solitons supported by such media result from a balance between tunneling of surface plasmon modes and nonlinear self-trapping. The dynamics in such systems, arising from the threefold interplay between periodicity, nonlinearity, and surface plasmon polaritons, is substantially different from that in conventional nonlinear dielectric waveguide arrays. We expect these phenomena to inspire fundamental studies as well as potential applications of nonlinear metamaterials, particularly in subwavelength nonlinear optics.