The earthquake occurred at a depth of 39 km (24 miles) late Tuesday. Tremors were felt on the neighbouring islands of Tenerife and Gomera, Ruben Lopez, an expert at the Institute, said in an interview with the Spanish broadcaster TVE.
The quake comes as part of a series of tremors that have shaken the island in recent weeks, with the previous strongest quake of magnitude 4.6 registered on Monday by the Institute.
The La Palma volcano began erupting for ten consecutive days on 19 September. On the night of September 29, the lava reached the ocean and formed a ledge, having covered an area of almost 800 hectares.
As a result of the eruption, nearly 2,000 buildings were damaged, and 7,000 residents were evacuated.