Agricultural drains and ponds are underexplored but potentially significant sources of greenhouse gases (GHGs). Yet, the microbial pathways responsible for CH4, CO2, and N2O production, and their responses to hydrological events, remain poorly understood. Here, we applied a multi-isotope framework (δ13C-CH4, δ13C-CO2, δ15N-N2O, δ18O-N2O, and N2O site preference) to quantify GHG production processes in agricultural drains and ponds in south-eastern Australia during rainfall and irrigation events. GHG concentrations and fluxes were consistently higher in ponds than in drains, with CH4 contributing most emissions. δ13C-CH4 values suggested the predominance of hydrogenotrophic methanogenesis under irrigation. In contrast, during rainfall events, higher δ13C-CH4 values suggested partial CH4 oxidation under transiently oxygenated conditions with a possible increase in acetoclastic methanogenesis. The 15N SP values of N2O showed that heterotrophic denitrification dominated production, with evidence of partial N2O reduction in ponds. CO2 concentrations were elevated but comparatively more variable and linked to hydrological events. Together, these findings reveal that agricultural ponds are hotspots of GHG emissions and act as dynamic biogeochemical reactors where nutrient inputs, redox conditions, and hydrological events jointly regulate GHG cycling. From a management perspective, small, high-emitting ponds and drains contribute disproportionately to farm-scale emissions, highlighting the urgent need to incorporate these water bodies into national GHG inventories.