The lithium-ion battery (LIB) thermal runaway (TR) emits a wide size range of particles with diverse chemical compositions. When inhaled, these particles can cause serious adverse health effects. This study measured the size distributions of particles with diameters less than 10 µm released throughout the TR-driven combustion of cylindrical lithium iron phosphate (LFP) and pouch-style lithium cobalt oxide (LCO) LIB cells. The chemical composition of fine particles (PM2.5) and some acidic gases were also characterized from filter samples. The emission factors of particle number and mass as well as chemical components were calculated. Particle number concentrations were dominated by those smaller than 500 nm with geometric number mean diameters below 130 nm. Mass concentrations were also dominated by smaller particles, with PM1 particles making up 81–95% of the measured PM10 mass. A significant amount of organic and elemental carbon, phosphate, and fluoride was released as PM2.5 constituents. The emission factor of gaseous hydrogen fluoride was 10–81 mg/Wh, posing the most immediate danger to human health. The tested LFP cells had higher emission factors of particles and HF than the LCO cells.