  Let X be an algebraic variety of characteristic zero. Terminal valuations are
defined in the sense of the minimal model program, as those valuations given by
the exceptional divisors on a minimal model over X. We prove that every
terminal valuation over X is in the image of the Nash map, and thus it
corresponds to a maximal family of arcs through the singular locus of X. In
dimension two, this result gives a new proof of the theorem of Fern\'andez de
Bobadilla and Pe Pereira stating that, for surfaces, the Nash map is a
bijection.
