We compared cardiorespiratory responses to exercise on an underwater treadmill (UTM) and land treadmill (LTM) and derived an equation to estimate oxygen consumption (VO2) during UTM exercise. Fifty-five men and women completed one LTM and five UTM exercise sessions on separate days. The UTM sessions consisted of chest-deep immersion, with 0, 25, 50, 75, and 100% water-jet resistance. All session treadmill velocities increased every 3 min from 53.6 to 187.8 m x min(-1). Cardiorespiratory responses were similar between LTM and UTM when jet resistance for UTM was 50%. Using multiple regression analysis, weight-relative VO2 could be estimated as: VO2 (mLO2 c kg(-1) x min(-1)) = 0.19248 x height (cm) + 0.17422 x jet resistance (% max) + 0.14092 x velocity (m x min(-1)) -0.12794 x weight (kg)-27.82849, R2 = .82. Our data indicate that similar LTM and UTM cardiorespiratory responses are achievable, and we provide a reasonable estimate of UTM VO2.