The plastic deformation of Ti45Zr16Be20Cu10Ni9 bulk metallic glass has been investigated by nanoindentation performed with loads ranging from 10 to 200 mN in a wide range of loading rates. The plastic flow in the alloy exhibited conspicuous serrations at low loading rates. The serrations, however, became less prominent as the rate of indentation increased. Atomic force microscopy showed a significant pile-up of materials around the indents, indicating that a highly localized plastic deformation occurred under nanoindentation. The possible mechanism governing the plastic deformation in bulk metallic glass specimens is tentatively discussed in terms of strain-induced free volume.