We propose an algorithm to find the community structure in complex networks based on the combination of spectral analysis and modularity optimization. The clustering produced by our algorithm is as accurate as the best algorithms on the literature of modularity optimization; however, the main asset of the algorithm is its efficiency. The best match for our algorithm is Newman’s fast algorithm, which is the reference algorithm for clustering in large networks due to its efficiency. When both algorithms are compared, our algorithm outperforms the fast algorithm both in efficiency and accuracy of the clustering, in terms of modularity. Thus, the results suggest that the proposed algorithm is a good choice to analyze the community structure of medium and large networks in the range of tens and hundreds of thousand vertices.