The 4.7-inch device boasts a powerful 1.5GHz quad-core Snapdragon S4 Pro processor, 2GB of RAM and a 1280 x 768 IPS display.
Other hardware features include an 8-megapixel camera, a 1.3-megapixel front-facing snapper, wireless charging and a 2100 mAh battery offering around 10 hours of talk time.
The phone launches alongside the latest version of Google's Jelly Bean operating system, Android 4.2, which introduces several new features.
The new OS features wireless display support, enabling users to stream videos onto Miracast-compatible HDTV hardware, Gesture Typing, multiple user accounts, a revamped camera interface dubbed Phone Sphere, and quick settings.
Jelly Bean's Google Now personal assistant has also been improved, with information cards for Flight information, restaurant reservations, hotel confirmations and shipping details now served to users when relevant.
The LG Nexus 4 will be available in 8GB and 16GB models, priced at £239 and £279, respectively. The device will be available to order from Google Play from November 13.
Google also unveiled the Nexus 10 tablet and refreshed its Nexus 7 range today. Watch a video introducing the new Nexus products below: