Trace elements in sulfides are commonly used to determine the physicochemical conditions of ore deposit formation. The thermodynamic models underpinning these studies rely on the assumption that trace elements are incorporated into the mineral’s crystal structure, however recent atomic-scale investigations suggest that this assumption may be erroneous, especially in metamorphosed environments. Here, in primary undeformed colloform sphalerites from two Pb-Zn deposits in South-China, we study the microstructural, geochemical, and nanoscale distribution of trace elements. Our results show that colloform sphalerite hosts trace elements such as Ge (up to 5671 ppm) and Ga (up to 16307 ppm) in nanoscale polyphase inclusions (mainly 10–20 nm), comprising an aqueous solution and solid phases such as galena and pyrite. These Ge(-Ga) polyphase inclusions are rich in light elements and halogens (H, Li, Na, Cl, K) and heavier metals such as Mn and Pb, accounting for 5 %-78 % of the trace element budget in bulk sphalerite. We propose a model whereby the rapid crystallization of colloform sphalerite favors the preservation of elevated trace element concentrations in nanoscale fluid inclusions (i.e., Ga, Ge, Pb, Mn) that are in apparent thermodynamic disequilibrium with sphalerite. A nucleation mechanism is proposed involving the entrapment of dense liquid composed of an intermediate high-density disordered state under supersaturation conditions. Based on a global geochemical data compilation of colloform sphalerite, we show significant enrichment of Pb in colloform sphalerite and multiple positive correlations between Pb and Ge. This suggests that Pb-Ge-rich nanoscale dense-liquid inclusions may be a prevalent carrier for trace elements observed in colloform sphalerite textures. Similar colloform textures resulting from supersaturated solutions in minerals such as pyrite or quartz may also contain trace element-rich nanoscale inclusions. Presence of these nanoscale inclusions appears to have a minimal effect on the estimated formation conditions derived from sphalerite chemistry (temperature, fS2). This study highlights the value of chemical mapping in revealing temperature variations in sphalerite.