A scuba tank caddy that includes a vertically-extending frame, a base assembly connected to the frame, and an axle assembly having an axle, a pair of spaced wheels mounted on the axle, and a pair of connecting arms pivotally interconnecting the axle to the base assembly. The frame has a plurality of slots formed in the frame at its lower end, and the axle assembly is adjustably connected to the frame via the slots such that the axle and wheels can be adjusted between several operational positions to accommodate different types of terrain. The axle and wheel can also be switched to a stowed position in which the wheels are positioned upwardly against the tank so that the caddy can remain on the tank during a dive.