The emergence of generative artificial intelligence (AI) models specializing in the generation of new data with the statistical patterns and properties of the data upon which the models were trained has profoundly influenced a range of academic disciplines, industry and public discourse. Combined with the vast amounts of diverse data now available to ecologists, from genetic sequences to remotely sensed animal tracks, generative AI presents enormous potential applications within ecology. Here we draw upon a range of fields to discuss unique potential applications in which generative AI could accelerate the field of ecology, including augmenting data-scarce datasets, extending observations of ecological patterns and increasing the accessibility of ecological data. We also highlight key challenges, risks and considerations when using generative AI within ecology, such as privacy risks, model biases and environmental effects. Ultimately, the future of generative AI in ecology lies in the development of robust interdisciplinary collaborations between ecologists and computer scientists. Such partnerships will be important for embedding ecological knowledge within AI, leading to more ecologically meaningful and relevant models. This will be critical for leveraging the power of generative AI to drive ecological insights into species across the globe.