We write exact renormalization-group recursion relations for a ferromagnetic Ising model on the diamond hierarchical lattice with an aperiodic distribution of exchange interactions according to a class of generalized two-letter Fibonacci sequences. For small geometric fluctuations, the critical behavior is unchanged with respect to the uniform case. For large fluctuations, the uniform fixed point in the parameter space becomes fully unstable. We analyze some limiting cases, and propose a heuristic criterion to check the relevance of the fluctuations.