Living organisms produce hydrogen peroxide (H
2
O
2
) to kill invading pathogens and for cellular signaling, but aberrant generation of this reactive oxygen species is a hallmark of oxidative stress and inflammation in aging, injury, and disease. The effects of H
2
O
2
on the overall health of living animals remain elusive, in part owing to a dearth of methods for studying this transient small molecule in vivo. Here we report the design, synthesis, and in vivo applications of Peroxy Caged Luciferin-1 (PCL-1), a chemoselective bioluminescent probe for the real-time detection of H
2
O
2
within living animals. PCL-1 is a boronic acid-caged firefly luciferin molecule that selectively reacts with H
2
O
2
to release firefly luciferin, which triggers a bioluminescent response in the presence of firefly luciferase. The high sensitivity and selectivity of PCL-1 for H
2
O
2
, combined with the favorable properties of bioluminescence for in vivo imaging, afford a unique technology for real-time detection of basal levels of H
2
O
2
generated in healthy, living mice. Moreover, we demonstrate the efficacy of PCL-1 for monitoring physiological fluctuations in H
2
O
2
levels by directly imaging elevations in H
2
O
2
within testosterone-stimulated tumor xenografts in vivo. The ability to chemoselectively monitor H
2
O
2
fluxes in real time in living animals offers opportunities to dissect H
2
O
2
’s disparate contributions to health, aging, and disease.