The newest generation of lubricants needs to adapt to stricter environmental policies. Simple and sustainable formulations with tunable rheological properties under the action of electric potentials may be the key. The present research explored the feasibility of producing electro-sensitive ecolubricants based on nanocellulose (crystalline and fibrillar) or nanoclay (Cloisite 15A montmorillonite and halloysite nanotubes) dispersions in castor oil, at concentrations that ranged from 2 to 6 wt.%. Broadband dielectric spectroscopy (BDS) measurements allowed for a first estimate on the electro-responsive potential of the nanofluids. The nanocelluloses and the montmorillonite suspensions presented a relaxation event in the dielectric loss, ε″, centered at ca. 2−4 kHz, which is related to interfacial polarization. Moreover, their actual electro-rheological (ER) effect under high electric potentials up to 4 kV/mm was assessed by determining the magnitude of the yield stress from steady flow curves at 25 °C. It was found that the nanocelluloses and the montmorillonite showed an enhancement of three orders of magnitude in their yield stress values at 4 kV/m. This enhancement was much greater than in the halloysite nanoclay, which did not exhibit any polarization). This is the starting point for the development of environmentally friendly ER lubricating fluids, based on nanocellulose and montmorillonites (layered nanosilicates), which might assist in reducing the friction and wear through the application of controlled electric fields.