In the last decades, an apparent increase in the frequency of benthic cyanobacterial blooms has occurred in coral reefs and tropical lagoons, possibly in part because of global change and anthropogenic activities. In the frame of the survey of marine benthic cyanobacteria proliferating in the lagoon of Moorea Island (French Polynesia), 15 blooms were collected, mainly involving three species—Anabaena sp.1, Lyngbya majuscula and Hydrocoleum majus-B. Their chemical fingerprints, obtained through high performance liquid chromatography combined with UV detection and mass spectrometry (HPLC-UV-MS) analyses, revealed a high extent of species-specificity. The chemical profile of Anabaena sp.1 was characterized by three major cyclic lipopeptides of the laxaphycin family, whereas the one of L. majuscula was characterized by a complex mixture including tiahuramides, trungapeptins and serinol-derived malyngamides. Toxicity screening analyses conducted on these cyanobacterial samples using Artemia salina and mouse neuroblastoma cell-based (CBA-N2a) cytotoxic assays failed to show any toxicity to a degree that would merit risk assessment with regard to public health. However, the apparently increasing presence of blooms of Lyngbya, Hydrocoleum, Anabaena or other benthic cyanobacteria on coral reefs in French Polynesia encourages the implementation of ad hoc monitoring programs for the surveillance of their proliferation and potential assessment of associated hazards.