Lobsters are currently one of the most economically valuable capture fisheries globally. In Atlantic Canada, lobster fishing and marine finfish aquaculture take place in the same coastal waters with the potential for environmental impacts and social conflicts. This review assesses the state of knowledge of environmental interactions between American lobster and marine finfish aquaculture. While some interactions have received considerable study (e.g., chemical use), knowledge on others is either limited (e.g., net pens, waste discharges) or lacking (e.g., disease, noise, lights, and odours). We discuss opportunities and challenges for an ecosystem-based approach to aquaculture and suggest practical measures, such as better use of existing data, habitat and human impact assessment tools, and toxicity information to avoid negative finfish aquaculture-lobster interactions.