Jo Swinson has lost her Dunbartonshire East seat to the SNP's Amy Callaghan by 149 votes.
The leader of the Liberal Democrat party became the Lib Dem's first female leader in July.
She said for millions of people around the country the election results would bring "dread and dismay".
The Lib Dems are forecast by the BBC to win 13 seats - one more than in the 2017 election.
Ms Swinson, 39, who had started the election campaign with the claim she could be the next prime minister, said she "will be making further remarks later today".
Speaking from the count, she said: "Some will be celebrating the wave of nationalism that is sweeping on both sides of the border.
"And I do congratulate all those who are newly elected.
"These are very significant results for the future of our country and I will be making further remarks later today."
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