How do we find patterns and anomalies in very large graphs with billions of nodes and edges? How to mine such big graphs efficiently? Big graphs are everywhere, ranging from social networks and mobile call networks to biological networks and the World Wide Web. Mining big graphs leads to many interesting applications including cyber security, fraud detection, Web search, recommendation, and many more. In this paper we describe Pegasus, a big graph mining system built on top of MapReduce, a modern distributed data processing platform. We introduce GIM-V, an important primitive that Pegasus uses for its algorithms to analyze structures of large graphs. We also introduce HEigen, a large scale eigensolver which is also a part of Pegasus. Both GIM-V and HEigen are highly optimized, achieving linear scale up on the number of machines and edges, and providing 9.2x and 76x faster performance than their naive counterparts, respectively. Using Pegasus, we analyze very large, real world graphs with billions of nodes and edges. Our findings include anomalous spikes in the connected component size distribution, the 7 degrees of separation in a Web graph, and anomalous adult advertisers in the who-follows-whom Twitter social network.