Abstract The oxidation of either NADH or NADPH by cumene hydroperoxide in rat liver microsomes is described. The Km′ for the hydroperoxide varied with the pyridine nucleotide utilized (NADPH, Km′ = 0.91 mM; NADH, Km′ = 3.3 mM). Carbon monoxide did not inhibit the peroxidase activity although a variety of other agents which interact with cytochrome P450 did produce inhibitory effects. Moreover, aminotriazole, which stimulated NADPH peroxidase activity, had an inhibitory action on NADPH peroxidase. These various experiments suggest that NADH- and NADPH-dependent peroxidase activity may be mediated by separate components of the microsomal electron transport chain, which may be distinct from but closely interacting with cytochrome P450.