Appealing physical and chemical properties are foreseen in nanoparticles containing immiscible elements, despite their synthesis is challenging due to the unfavorable thermodynamics. Here we show that silver nanoparticles doped with Co can be achieved by a facile one-step route relying on laser ablation in liquid. Structural analysis suggests that the bimetallic nanoparticles consist of a matrix of face-centred cubic Ag rich of cobalt as point defects or dislocations, in a structure that is stable over time even in aqueous solution. This happens despite the complete immiscibility of the two metals at any temperature in the solid and liquid phase, as confirmed also by density functional theory calculations. The nonequilibrium Co-Ag nanoparticles benefit of silver features such as the plasmonic response and the easy surface chemistry with thiolated ligands, combined with the magnetic properties of cobalt. Importantly, plasmonics and magnetism are not quenched after mixing, contrary to what was observed in other bimetallic systems like the Au-Fe one. This opens the way to several technologically relevant applications and, as a proof of concept, we demonstrate magnetophoretic assembly of Co-Ag nanoparticles into arrays of plasmonic dots exploitable for surface-enhanced Raman spectroscopy. (C) 2020 Elsevier Inc. All rights reserved.