Clasts in the CM2 carbonaceous chondrite Lonewolf Nunataks (LON) 94101 have been characterized using scanning and transmission electron microscopy and electron microprobe analysis to determine their degrees of aqueous alteration, and the timing of alteration relative to incorporation of clasts into the host. The provenance of the clasts, and the mechanism by which they were incorporated and mixed with their host material are also considered. Results show that at least five distinct types of clasts occur in LON 94101, of which four have been aqueously altered to various degrees and one is largely anhydrous. The fact that they have had different alteration histories implies that the main part of aqueous activity occurred prior to the mixing and assimilation of the clasts with their host. Further, the presence of such a variety of clasts suggests complex mixing in a dynamic environment involving material from various sources. Two of the clasts, one containing approximately 46 vol% carbonate and the other featuring crystals of pyrrhotite up to approximately 1 mm in size, are examples of unusual lithologies and indicate concentration of chemical elements in discrete areas of the parent body(ies), possibly by flow of aqueous solutions.