Muon spin rotation spectroscopy reveals localized electron states in the geometrically frustrated metallic pyrochlore Cd2Re2O7 at temperatures from 2 to 300 K in transverse magnetic fields up to 7 T. Two distinctive types of localized states, with characteristic radii of about 0.5 and 0.15 nm, are detected at high and low temperature, respectively. These states may be spin polarons, formed due to strong exchange interaction between itinerant electrons and the magnetic 5d electrons of Re ions, which may determine the peculiar electronic and magnetic properties of Cd2Re2O7.