Blood/gas equilibration of CO2 in lungs was studied in man by a rebreathing technique, in which the rate of uptake of the stable isotope 13CO2 in low concentration (inspired concentration about 0.07%) was measured at blood/gas equilibrium of the abundant CO2 isotope. The results were expressed in terms of overall conductance for alveolar gas-pulmonary blood equilibration (DCO2, pulmonary diffusing capacity for CO2). The following mean values of DCO2 were found in 3 healthy young men (in mmol . min-1 . Torr-1): rest, 8.0; during exercise (75 Watts), 13.7. Comparison with DO2 measured by rebreathing in the same conditions suggests equilibration of the CO2/HCO3(-)/H+ system in blood, rather than diffusion of CO2, as the limiting process in capillary/alveolar CO2 transfer. The term 'equilibration capacity' is thus suggested for DCO2. Calculations based on the experimental results show that the overall limitation of pulmonary CO2 exchange function resulting from this finite DCO2 is slight at rest, but of considerable extent in heavy exercise.