The environmental impacts of cocoa and rubber cultivation on soil and water in six Nigerian states (Ogun, Ondo, Edo, Delta, Abia, and Cross River) where their production is intensive were studied. Primary data were collected by the administration of questionnaires to 180 farmers selected through a multistage random sampling process. These data were subjected to gross margin and cost-benefit analysis. Soil and water samples collected from the study locations were also subjected to chemical assays. Cocoa cultivation remained an attractive economic venture at the current lending rate of 35;, but rubber cultivation did not. Nutrients and metal pollution levels were very low in cocoa and rubber farms. However, it was concluded that this result was obtained as a consequence of the farmers low level of agrochemical use.