Li, Ma and Wang have provided in [13] a partial classification of the so-called Moebius deformable hypersurfaces, that is, the umbilicfree Euclidean hypersurfaces f : M n → R n+1 that admit non-trivial deformations preserving the Moebius metric. For n ≥ 5, the classification was completed by the authors in [12]. In this article we obtain an infinitesimal version of that classification. Namely, we introduce the notion of an infinitesimal Moebius variation of an umbilic-free immersion f : M n → R m into Euclidean space as a one-parameter family of immersions f t : M n → R m , with t ∈ (−ǫ, ǫ) and f 0 = f , such that the Moebius metrics determined by f t coincide up to the first order. Then we characterize isometric immersions f : M n → R m of arbitrary codimension that admit a non-trivial infinitesimal Moebius variation among those that admit a non-trivial conformal infinitesimal variation, and use such characterization to classify the umbilic-free Euclidean hypersurfaces of dimension n ≥ 5 that admit non-trivial infinitesimal Moebius variations.