We present DM3-Nav, a fully decentralized multi-agent semantic navigation system supporting multimodal open-vocabulary goal specification and multi-object missions. In our setting, decentralization implies operation without a central coordinator, global map aggregation, or shared global state at runtime. Robots operate autonomously and coordinate through ad-hoc pairwise communication, exchanging local maps, goal status, and navigation intent without synchronization. An implicit task allocation mechanism combining intent broadcasting and distance-weighted frontier selection reduces redundant exploration while preserving decentralized operation. Evaluations on HM3DSem scenes using the HM3Dv0.2 and GOAT-Bench datasets demonstrate that DM3-Nav matches or exceeds centralized and shared-map baselines while eliminating single points of failure inherent in centralized architectures. Finally, we validate our approach in a real-world office environment using two mobile robots, demonstrating successful deployment relying entirely on onboard sensing and computation. A video of our real-world experiments is available online: https://drive.google.com/file/d/1QiUSCn5rIvtuTUqtuXLPgmt6S8x9-MCZ/view?usp=drive_link