The particle trajectories of nonlinear capillary waves are derived. The properties of the surface and subsurface particles are presented in exact analytic form, up to and including the highest wave. It is found that the orbits of the steeper waves are neither circular nor closed. For the highest wave, a particle moves through a distance [X] equal to 7.99556λ in one orbit, where λ is the wavelength. It moves with an average horizontal drift velocity U equal to 0.88883c, where c is the phase speed of the wave. In addition, the subsurface particles (at depths nearly three quarters that of the wavelength) move at speeds up to one tenth that of surface particles.