A process and apparatus are presented for obtaining inorganic fullerene-like nanostructures. A metal oxide is evaporated at predetermined temperature conditions, and is swept towards a reacting zone, to which first and second gas phase reacting agents are concurrently swept. The evaporated metal oxide thus interacts with the first reacting agent and is converted into metal suboxide nanoparticles in the gas phase. The condensing metal suboxide nanoparticles interact with the second reacting agent in the gas phase resulting in substantially pure phase of the inorganic fullerene-like nanoparticles.