The spontaneous shape transformation of silver nanorods with an initial length of several hundred nanometers towards spherical particle shapes in aqueous solution is investigated by means of scanning electron microscopy, UV-vis absorption spectroscopy, anodic stripping voltammetry, and high-resolution transmission electron microscopy (HRTEM). The consolidation of the results reveals an increase in the particle number density with time. Moreover, HRTEM image analysis along the cross section of the rods evidences the presence of fivefold twinning defects which extend along the whole rod length. According to the analytical model of Monk et al. this kind of rod structure is only thermodynamically stable if the rod length is below a critical value at a given diameter. The rods investigated in the present work do not fulfill the stability criterion as they exceed the critical length. Thus, the rods decay into smaller "nanobuns" and defective as well as defect-free spheres. A mechanism based on findings from the literature, HRTEM image analysis of former rods, transition states, and the final particle structures is proposed. The defects along the surface are seen as starting points for the dissolution of material, which is reintegrated into the solid phase by homogeneous as well as heterogeneous nucleation and growth.