Below you can find list of a free BPM (Business Process Modelling)/BPA (Business Process Analysis) tools. They are divided into 2 sub-lists: one with standalone (installable) programs, and other with web-based tools.
Tools mentioned there differ much - some of them offer only very simple modelling capabilities, while others (BPA) offer also analytical mechanisms, simulation algorythms and much more. However all those tools can be used to describe business processes, understand them better and (hopefully) improve them.
If you know of other free tools for business process modelling/analysis please add them in comments. There are just two conditions: they need to be free (trials do not count), and they need to be useful for business process modeller/analyst (so even fine workflow engine does not count unless it has really cool modelling component).
Web based tools
Lombardi Blueprint (blueprint.lombardi.com). Process documentation (with possibility to see diagram as BPMN) tool available via browser.
Oryx - browser based modeller (oryx-editor.org). Offers support for BPMN 1.1, EPC, Petri nets…
Gliffy - online diagramming software (www.gliffy.com). Just like Visio in your browser 
Standalone tools
ADONIS:Community Edition (www.adonis-community.com) - business process modeling (BPMN + other model types), analysis, simulation, documentation (HTML+Word) and BPEL export. See tool overview
Savvion Process Modeler (www.savvion.com) - BPMN modeling, simulation, and documentation.
Intalio|Designer (www.intalio.com) - BPMN modeling and BPEL Export. There’s also Intalio Server for executing processes defined in BPEL 2.0 and Intalio Workflow.
TIBCO Business Studio (www.tibco.com) - BPMN modeling and simulation.
Update (thanks to Sandy Kemsley for info about Metastorm):
Metastorm Process Designer – Business Analyst Edition (www.metastorm.com) - BPMN modelling.
BizAgi Process Modeler (www.bizagi.com) - BPMN (ver. 1.1) modelling and process documentation.
See tool overview
AgilPro (available at Sourceforge) - Eclipse-based open source modelling and simulation.
Embarcadero EA/Studio Community Edition (www.embarcadero.com) - Eclipse-based BPMN modelling. Visio import.
Soyatec eBPMN (www.soyatec.com) - Eclipse-based BPMN modelling.
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