The origin of diamonds in the lava and ash of the recent Tolbachik eruption of 2012–2013 (Kamchatka) is enigmatic. The mineralogy of the host rocks provides no evidence for the existence of the high pressure that is necessary for diamond formation. The analysis of carbon isotope systematics showed a similarity between the diamonds and dispersed carbon from the Tolbachik lava, which could serve as a primary material for diamond synthesis. There are grounds to believe that the formation of Tolbachik diamonds was related to fluid dynamics. Based on the obtained results, it was suggested that Tolbachik microdiamonds were formed as a result of cavitation during the rapid movement of volcanic fluid. The possibility of cavitation-induced diamond formation was previously theoretically substantiated by us and confirmed experimentally. During cavitation, ultrahigh pressure is generated locally (in collapsing bubbles), while the external pressure is not critical for diamond synthesis. The conditions of the occurrence of cavitation are rather common in geologic processes. Therefore, microdiamonds of such an origin may be much more abundant in nature than was supposed previously.