The cytochrome P450 enzymes effect a wide range of oxidations in nature including difficult hydroxylation reactions of unactivated C-H. Most of the high energy reactions of these catalysts appear to involve highly electrophilic active species. Attempts to detect the reactive transients in the enzymes have met with limited success, but evidence has accumulated that two distinct electrophilic oxidants are produced in the P450 enzymes. The consensus electrophilic oxidant termed "iron-oxo" is usually thought to be an analogue of Compound I, an iron(IV)-oxo porphyrin radical cation species, but it is possible that a higher energy electronic isomer of Compound I is required to account for the facility of the C-H oxidation reactions. The second electrophilic oxidant of P450 is speculative; circumstantial evidence suggests that this species is iron-complexed hydrogen peroxide, but this oxidant might be a second spin state of iron-oxo. This overview discusses recent studies directed at detection of the electrophilic oxidants in P450 enzymes and the accumulated evidence for two distinct species.