Fifty-day old plants of Capsicum anmmm L, with two developed leaves were placed into controlled environment chambers at atmospheric (350 cm^ m'^, ACO2) and elevated (700 cm^ m-^, ECO2) CO2 concentrations under different nitrogen and water supply. Plant response to ECO2 and the modulating effect of the availability of nitrogen and water were evaluated. CO2 effects were significant only after 40 d of treatment, An increase in plant growth and yield was found in ECO2 plants only under a good supply of both water (HW) and nitrogen (HN). Chlorophyll concentration responded only to N supply. Root/shoot ratio was higher under ECO2 only under low N (LN) and low water (LW) supply. Leaf area and specific leaf area decreased under ECO2. Flowering and fructification took plače earlier in ECO2 under FIN and FIW. Thus, all CO2 effects were modulated by the N and water supply and the duration of exposure.