The French and Russian embassies urged their citizens to stay indoors. The US embassy's advice was to stay away from Cotonou, especially the area around the presidential compound.
The rebel soldiers, led by Lt-Col Pascal Tigri, justified their actions by criticising President Talon's management of the country.
Their first complaint concerned his handling the "continuing deterioration of the security situation in northern Benin".
In recent years, Benin's army has suffered loses near its northern border with insurgency-hit Niger and Burkina Faso as jihadist militants linked to Islamic State and al-Qaeda spread southwards.
The soldier's statement cited "the ignorance and neglect of the situation of our brothers in arms who have fallen at the front and, above all, that of their families, abandoned to their sad fate by Mr Patrice Talon's policies".
The rebels also hit out at cuts in health care and taxes rises, as well as curbs on political activities.
Talon, who is 67 and regarded as a close ally of the West, is due to step down next year after completing his second term in office, with elections scheduled for April.
A businessman known as the "king of cotton", he first came to power in an election in 2016. He promised not to seek a third term and has endorsed Finance Minister Romuald Wadagni as his successor.
Talon has been praised by supporters for overseeing economic development, but his government has also come in for criticism for suppressing dissenting voices.
In October the electoral commission barred the main opposition candidate from standing on the grounds that he did not have enough sponsors.
Last month constitutional amendments were passed by MPs, including the creation of a second parliamentary chamber, the Senate.
Terms for elected officials were extended from five to seven years, but the presidential two-term limit remained in place.
