Nanotechnologies are already interacting with the environment. Scientists and engineers are manipulating matter at the nanoscale, and these nanoscale processes and products are being used by industry in commercially available products. These products are either applied directly to the environment or end up in the environment through indirect pathways. This review examines the state of current environmental risk assessment of nanotechnologies. Nanotechnology is described generally, then both the possible benefits of nanotechnology and the risks are reviewed in a traditional way. Subsequently, a philosophical criticism of the traditional way of looking at risks is offered.