We calculate the nucleons' electromagnetic polarizabilities in heavy baryon
chiral perturbation theory including all terms to order O(q4). The
chiral prediction of the electric polarizabilities for the neutron and the
proton are in good agreement with the data. In the case of the magnetic
polarizabilities the big positive contribution from the Δ(1232)
resonance is largely cancelled by a non--analytic loop contribution of the lnMπ type. This novel effect helps to understand the rather small empirical
value of the nucleons' magnetic polarizability.Comment: 10 pp, TeX, BUTP-93/22 and CRN-93-3