Volcanic and intrusive rocks of the Chegem caldera and the nearby Eldjurta (Eldzhurtinskiy) Granite record a late Pliocene episode of silicic magmatism in the north-central Caucasus Mountains. Surface exposures, created by the recent rapid uplift and erosion of the Caucasus Mountains, span a 2 km vertical section of Chegem caldera fill and 1150 m of the Eldjurta Granite; cored mineral-exploration drillholes in the Eldjurta Granite extend the sampling to a depth of 4 km. The unique sampling range available in these two young igneous bodies affords an excellent opportunity to study their denudation and cooling histories, which we examine by means of ⁴⁰Ar/³⁹Ar and ¹⁸O/¹⁶O measurements on an extensive sample suite. Total-fusion biotite and sanidine ages from eight Chegem Tuff samples, both intracaldera and outflow, are analytically indistinguishable with a weighted mean of 2.82 ± 0.02 Ma. A cross-cutting granodiorite porphyry intrusion has a sanidine total fusion age of 2.84 ± 0.03 Ma, and whole-rock incremental heating of a post-caldera andesite flow, which caps the caldera fill, yields an age of 2.82 ± 0.02 Ma. Thus, caldera formation and post-caldera resurgence and volcanism all occurred within a very short time (< 50,000 yr). Biotite total-fusion ages of ten Eldjurta Granite samples, including seven from ∼ 500 m intervals in the 4 km deep drillhole, show a systematic linear decrease in age with depth from 1.90 Ma near the roof contact of the granite to 1.56 Ma at a depth of 3700 m. Assuming these ages were set at the same temperature, this age/depth gradient implies an isotherm migration rate of 13 mm/yr between 1.90 and 1.56 Ma. This migration rate is due to a combination of rapid denudation and downward relaxation of isotherms, with cooling rates between 200 and 500°C/Ma during this period. Oxygen isotopic compositions of quartz, K-feldspar, plagioclase and biotite from the drillhole samples below the 800 m depth are fairly uniform and record primary igneous δ¹⁸O values with little evidence for subsolidus hydrothermal activity. However, in surface outcrop samples and in the shallowest drillhole sample, mineral δ¹⁸O values have been lowered by up to 3‰ by interaction with an external (meteoric-hydrothermal?) fluid. The primary mineral δ¹⁸O values of the Eldjurta Granite are distinctly higher than the corresponding phenocryst δ¹⁸O values in the Chegem volcanic rocks, indicating that the two bodies evolved as separxate magma batches.