Herein, following a circular economy approach, we present the synthesis of luminescent carbon dots via the thermal treatment of chestnut and peanut shells, which are abundant carbon-rich food industry by-products. As-synthesized carbon dots have excellent water dispersibility thanks to their negative surface groups, good luminescence, and photo-stability. The excitation–emission behaviour as well as the surface functionalization of these carbon dots can be tuned by changing the carbon source (chestnuts or peanuts) and the dispersing medium (water or ammonium hydroxide solution). Preliminary in vitro biological data proved that the samples are not cytotoxic to fibroblasts and can act as luminescent probes for cellular imaging. In addition, these carbon dots have a pH-dependent luminescence and may, therefore, serve as cellular pH sensors. This work paves the way towards the development of more sustainable carbon dot production for biomedical applications.