What the words mean
Worth pinning down first, because the labels are used loosely.
Roasted nibs come from beans that were roasted whole, then cracked and winnowed. The overwhelming majority of nibs sold are this.
Raw nibs come from beans that were cracked and winnowed without a roast, or after only gentle warming. Note that "raw" is doing a lot of work here — the beans were still fermented in the sun for days and dried on patios, sometimes reaching substantial temperatures. Raw means unroasted, not untouched.
We build roasting drums, so treat us as interested. But we have nothing to sell you in either nib, and the differences below are process facts rather than a case.
Flavour
This is the largest difference and the least surprising.
Raw nibs are sharper and more acidic, often noticeably astringent and bitter, with fruity or vinegary notes remaining from fermentation. Some origins are pleasant this way. Many are challenging.
Roasted nibs taste like chocolate. Heat drives reactions between sugars and amino acids that create aromatic compounds simply not present in the raw bean — this is where "that tastes like chocolate" actually comes from. Roasting also drives off some of the volatile acids produced during fermentation, which is why roasted nibs read as rounder and less sharp.
That last point matters: some of what roasting does is subtractive. It removes harshness as well as creating aroma.