The attempted coup was the latest threat to democratic rule in the region, where militaries have in recent years seized power in Benin's neighbours Niger and Burkina Faso as well as in Mali, Guinea and - only last month - Guinea-Bissau.
At least eight soldiers, several holding weapons, went on state television on Sunday morning to announce that a military committee led by Colonel Tigri Pascal had taken over and was dissolving the country's institutions, suspending the constitution and closing air, land and maritime borders.
"The army solemnly commits to give the Beninese people the hope of a truly new era, where fraternity, justice and work prevail," said a statement read by one of the soldiers.
A few hours later, Interior Minister Alassane Seidou said the country's armed forces had thwarted the attempted coup.
"Therefore, the government urges the population to go about their business as usual," he said.
A government spokesman, Wilfried Leandre Houngbedji, said that 14 people had been arrested in connection with the coup attempt as of Sunday afternoon, without providing details.
Foreign Minister Olushegun Adjadi Bakari had earlier told Reuters that "a small group" of soldiers had attempted to overthrow the government but that forces loyal to President Patrice Talon were working to restore order.
He said the coup plotters had only managed to take control of state television, which was cut after the soldiers read out their statement.
It resumed broadcasting shortly afterwards, allowing the interior minister to read his statement saying the coup bid had been foiled.
West Africa's regional bloc ECOWAS and the African Union condemned the coup attempt.
Gunfire could be heard earlier on Sunday in several neighbourhoods of Cotonou, the country's largest city and economic hub, as residents were trying to make their way to church early on Sunday morning.
The French embassy said gunfire had been reported near Talon's residence in Cotonou and urged citizens to stay at home.
By early afternoon, police were deployed at major intersections in the city centre and the gunfire had died down, witnesses said.
Narcisse, a furniture salesman in Cotonou who gave only his first name for safety reasons, said he first heard gunshots at 8am and soon saw police officers speeding past.
"I got scared and brought my sofas inside and closed. It's a bit calmer now, which is why I reopened," he said.
The coup attempt came as Benin was preparing for a presidential election in April that would mark the end of the tenure of incumbent Talon, in power since 2016.
In their TV statement, the soldiers mentioned the deteriorating security situation in northern Benin "coupled with the disregard and neglect of our fallen brothers-in-arms".
Talon has been credited with reviving the economy but the country has also faced an increase in attacks by jihadist militants that have wreaked havoc in Mali and Burkina Faso.
Last month, Benin adopted a new constitution creating a Senate and extending the presidential mandate from five to seven years, in what critics said was a power grab by the ruling coalition, which has nominated Finance Minister Romuald Wadagni to be its candidate.
The opposition Democrats party, founded by Talon's predecessor Thomas Boni Yayi, had its proposed candidate rejected because of what a court ruled was insufficient backing from MPs.
Benin has not had a coup since it held multi-party elections in 1991.
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