When dealing with computed tomography volume data, the accurate segmentation of lung nodules is of great importance to lung cancer analysis and diagnosis, being a vital part of computer-aided diagnosis systems. However, due to the variety of lung nodules and the similarity of visual characteristics for nodules and their surroundings, robust segmentation of nodules becomes a challenging problem. A segmentation algorithm based on the fast marching method is proposed that separates the image into regions with similar features, which are then merged by combining regions growing with k-means. An evaluation was performed with two distinct methods (objective and subjective) that were applied on two different datasets, containing simulation data generated for this study and real patient data, respectively. The objective experimental results show that the proposed technique can accurately segment nodules, especially in solid cases, given the mean Dice scores of 0.933 and 0.901 for round and irregular nodules. For non-solid and cavitary nodules the performance dropped—0.799 and 0.614 mean Dice scores, respectively. The proposed method was compared to active contour models and to two modern deep learning networks. It reached better overall accuracy than active contour models, having comparable results to DBResNet but lesser accuracy than 3D-UNet. The results show promise for the proposed method in computer-aided diagnosis applications.