In the past decade, hybrid materials for highly stretchable, conductive electrodes have received tremendous attention in the fields of emerging wearable electronic, optoelectronic, and sensing devices. Here, we present a previously unrecognized aqueous route to producing stretchable conductors composed of silver nanoparticles (AgNPs) and single-walled carbon nanotubes (SWNTs) embedded in a polyurethane (PU) matrix, in contrast to ones dispersed in toxic organic solvents reported to date. The intact chemical interaction between one-dimensional SWNTs, for endowing the capability of establishing conductive pathways even in stretching conditions, and AgNPs, for enabling high conductivity of the composites, is achieved in an aqueous medium with an anionic polyelectrolyte, poly(acrylic acid), that undergoes pH-dependent conformational evolution. With this aqueous approach, we demonstrate that AgNP–SWNT–PU composites supported on PDMS substrates have the conductivities of 620 and 120 S cm^–1 in unstrained and 90% elongated conditions, respectively, and display repeatable reversibility at a strain of 60%.