This study examines the effects of the immersive presentation of nonfiction omnidirectional video on audiences’ cognitive processing. Participants watched a sample of 360°-video nonfiction content, presented either in a virtual reality headset or on a computer screen. Measures of heart rate variability and electrodermal activity were collected, together with self-reported ratings of presence, information recognition, and memory. The results indicate that the immersive presentation elicits higher arousal and presence, but also lower focused attention, recognition, and cued recall of information. These effects on focused attention and memory were not mediated by variations on arousal or presence. Implications are discussed in terms of the psychological effects of immersive media, as well as their relevance for media practitioners.