— We characterize the capacity of the general class of noncoherent underspread wide-sense stationary uncorrelated scattering (WSSUS) time-frequency-selective Rayleigh fading channels, under peak constraints in time and frequency and in time only. Capacity upper and lower bounds are found which are explicit in the channel’s scattering function and allow to identify the capacity-maximizing bandwidth for a given scattering function and a given peak-to-average power ratio.