Cobra venoms (Naja species) contain a little-understood peptidase activity which shows specificity towards small peptides containing glycine and non-polar aromatic/aliphatic residues. We have examined the ability of whole cobra venom to degrade several types of peptide with emphasis on the action of Taiwan cobra (Naja naja atra) venom on L-alanylglycylglycine and glycylglycyl-L-phenylalanine. These are competing substrates, and it proved possible to generate inhibitors of the degradation of glycylglycyl-L-phenylalanine by synthesizing L-alanylglycylglycine analogues in which the peptide bond between the second and third residues had been replaced by different linkages. These analogues were themselves resistant to hydrolysis. The peptidase activity can also be inhibited by bestatin, captopril and chloromethyl ketones. Kinetic analyses suggested that even the best substrate discovered was of poor efficacy, so the natural peptide substrate remains to be identified. In unsuccessful attempts to devise a reliable chromogenic assay, it was found that the venom had activity against N-blocked amino acid p-nitrophenol esters, but not against leucine p-nitroanilide or ester substrates for trypsin-like and chymotrypsin-like enzymes.