Rancho Cañada de los Osos y Pecho y Islay was a 32,431-acre (131.24 km2) Mexican land grant in Los Osos Valley and the southern Estero Bay headlands, in present-day San Luis Obispo County, California.
The grant consists of Rancho Canada de Los Osos (Valley of the Bears) granted in 1842 by Governor Juan B. Alvarado to Victor Linares, and Rancho Pecho y Islay granted in 1843 by Governor Manuel Micheltorena to Francisco Badillo. The grants were consolidated in 1845 by Governor Pío Pico, to James Scott and John Wilson.
The grant extended from the Pacific Coast, along Los Osos Creek and the Los Osos Valley to almost present-day San Luis Obispo, and southward encompassed Montaña de Oro State Park and Los Osos.
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