The direct and indirect photochemical degradation of rotenone (ROT) and deguelin (DEG), the primary reduced nicotinamide adenine dinucleotide-inhibiting rotenoid components of the piscicide CFT Legumine, were investigated under simulated sunlight conditions relevant to their dissipation from high-latitude surface waters. Photochemical degradation dominated the elimination of ROT and DEG from surface waters with half-lives ranging from 1.17 to 2.32 and 4.18 to 20.12 h for DEG and ROT, respectively, when the rotenoids were applied in the formulation CFT Legumine. We assessed enhanced degradation processes using argon-purged and cesium chloride-amended water, which demonstrated the rotenoids to rapidly decompose from excited triplet states. We further assessed the influence of reactive oxygen species by hydroxyl radical quenching and thermal generation of singlet oxygen. The studied reactive oxygen species did not significantly contribute; however, alcohols such as isopropanol may inhibit degradation by quenching ROT excited states or preventing intersystem crossing. Finally, we compared photochemical degradation in water collected from Hope Lake, Alaska, to a solution of Suwanee River fulvic acids, which demonstrated that dissolved organic matter (DOM) quality is a major factor that modulates ROT attenuation through a combination of shielding (light attenuation) and excited-state quenching mechanisms and is temperature-dependent. Molecular-level characterizations of DOM may help account for the site-specific degradation of these rotenoids in the environment.