We have developed a straightforward method for producing a stable, aqueous suspension of hydrophobic, fluorescent pi-conjugated polymer nanoparticles consisting primarily of individual conjugated polymer molecules. Features of the method are the facile preparation, purity, unique optical properties, and small size (approximately 5-10 nm) of the resulting nanoparticles. The results of TEM, scanning force microscopy, and near-field scanning optical microscopy of particles cast from the suspension indicate that the particles are single conjugated polymer molecules. The NSOM results yield estimates of the optical cross-sections of individual conjugated polymer molecules. The UV-vis absorption spectra of the nanoparticle suspensions indicate a reduction in conjugation length attributed to deformations of the polymer backbone. Fluorescence spectra of the aqueous nanoparticle suspensions indicate interactions between segments of the polymer chain and intramolecular energy transfer.