The micellar photoreduction of benzophenone in the presence of Ag+ leads to very rapid and efficient formation of silver nanoperticles. External magnetic fields can be used to control the rate of formation and properties of silver nanoparticles generated by reaction of ketyl radicals formed in the photoreduction of benzophenone in surfactant micelles. The effect is attributed to Zeeman splitting of the triplet sublevels of the confined radical pair that causes a reduction in the rate of geminate processes and increases the availability of ketyl radicals (through escape processes) for metal ion reduction.