Plea bargaining is one of the recent developments introduced into the Nigerian Criminal Justice System by the Administration of Criminal Justice Act 2015. This Act may not be the first to introduce Plea bargaining in Nigeria, but its provisions, are unique and more elaborate. Plea bargaining has been applied in a number of economic and financial crimes in Nigeria. Its application has been quite controversial, to the extent that it is thought in some quarters that plea bargain can only be applied to economic and financial crimes. This paper highlights the provisions of law in relation to Plea Bargain in Nigeria as a foundation for generating further discussion of this issue. It also identifies the benefits and challenges of Plea bargain as a part of the Nigerian Criminal Justice System.