The waste thermal energy of exhaust gases in internal combustion engines has a high energy potential that is usually untapped. Using technologies such as thermoelectric generators is one of the most promising strategies for recovering this waste heat. In the current research, an analysis of the electrical characteristics of a thermoelectric generator connected to the exhaust system of an internal combustion engine was carried out. The study was focused on the influence of operational conditions (external resistance, number of modules, mass flow, and exhaust gas temperature) on the electrical parameters. The results show that the increase in mass flow and exhaust gas temperature increases 97.44% and 104.95% in recovered power. Additionally, the increase in these operating parameters leads to a 14.04% and 19.05% increase in energy conversion efficiency. The increase in the number of thermoelectric modules allows for increasing the recovered power. However, it is necessary to properly evaluate the arrangement of the TEMs on the surface to avoid reductions in the TEG conversion efficiency. Overall, the thermoelectric generator allowed maximum output power of 56.62 W, equivalent to 2% of the engine output shaft power. This implies a reduction in the fuel injected into the engine.