Gold was taken by Austrian Janine Flock, silver went to Dutch Kimberley Bos. Latvian Tērauda tailed the winner by 1.40 seconds.
In an interview on Latvian Television, Tērauda said the second try had been better, and it helped to exceed her own expectations in a competition among the world's most powerful athletes.
“There are just no words, I can't believe it. I'm very, very happy,” said Tērauda. “Before the competition, I thought I'd be happy with the TOP 10 result.”
Men's competitions will also take place later Friday, where brothers Mārtiņš and Tomass Dukuri will represent Latvia among 18 participants.
All races will be broadcast by LTV7 and Replay.