diff --git a/pkg/cmd/roachtest/tests/admission_control_disk_bandwidth_overload.go b/pkg/cmd/roachtest/tests/admission_control_disk_bandwidth_overload.go
index e8d361831e23..2537f6f1885d 100644
--- a/pkg/cmd/roachtest/tests/admission_control_disk_bandwidth_overload.go
+++ b/pkg/cmd/roachtest/tests/admission_control_disk_bandwidth_overload.go
@@ -181,8 +181,10 @@ func registerDiskBandwidthOverload(r registry.Registry) {
 						continue
 					}
 					totalBW := writeVal + readVal
-					if totalBW > bandwidthThreshold {
-						t.Fatalf("write + read bandwidth %f (%f + %f) exceeded threshold of %f", totalBW, writeVal, readVal, bandwidthThreshold)
+					// TODO(aaditya): We should be asserting on total bandwidth once reads
+					// are being paced.
+					if writeVal > bandwidthThreshold {
+						t.Fatalf("write bandwidth %f exceeded threshold of %f, read bandwidth: %f, total bandwidth: %f", writeVal, bandwidthThreshold, readVal, totalBW)
 					}
 					numSuccesses++
 				}
diff --git a/pkg/util/admission/admission.go b/pkg/util/admission/admission.go
index b2c0952d122c..536a0d123d35 100644
--- a/pkg/util/admission/admission.go
+++ b/pkg/util/admission/admission.go
@@ -269,7 +269,7 @@ type granterWithIOTokens interface {
 	// negative, though that will be rare, since it is possible for tokens to be
 	// returned.
 	setAvailableTokens(
-		ioTokens int64, elasticIOTokens int64, elasticDiskWriteTokens int64,
+		ioTokens int64, elasticIOTokens int64, elasticDiskWriteTokens int64, elasticDiskReadTokens int64,
 		ioTokensCapacity int64, elasticIOTokenCapacity int64, elasticDiskWriteTokensCapacity int64,
 		lastTick bool,
 	) (tokensUsed int64, tokensUsedByElasticWork int64)
diff --git a/pkg/util/admission/disk_bandwidth.go b/pkg/util/admission/disk_bandwidth.go
index 511d00ce8812..bf2fd334a380 100644
--- a/pkg/util/admission/disk_bandwidth.go
+++ b/pkg/util/admission/disk_bandwidth.go
@@ -122,12 +122,13 @@ type diskTokens struct {
 func (d *diskBandwidthLimiter) computeElasticTokens(
 	id intervalDiskLoadInfo, usedTokens [admissionpb.NumStoreWorkTypes]diskTokens,
 ) diskTokens {
-	// We are using disk read bytes over the previous adjustment interval as a
-	// proxy for future reads. It is a somewhat bad proxy, but for now we are ok
-	// with the inaccuracy. This will be improved once we start to account for
-	// disk reads in AC.
 	// TODO(aaditya): Include calculation for read and IOPS.
 	// Issue: https://github.com/cockroachdb/cockroach/issues/107623
+
+	// We are using disk read bytes over the previous adjustment interval as a
+	// proxy for future reads. This is a bad estimate, but we account for errors
+	// in this estimate separately at a higher frequency. See
+	// kvStoreTokenGranter.adjustDiskTokenErrorLocked.
 	const alpha = 0.5
 	smoothedReadBytes := alpha*float64(id.intReadBytes) + alpha*float64(d.state.diskLoad.intReadBytes)
 	// Pessimistic approach using the max value between the smoothed and current
@@ -140,7 +141,7 @@ func (d *diskBandwidthLimiter) computeElasticTokens(
 
 	totalUsedTokens := sumDiskTokens(usedTokens)
 	tokens := diskTokens{
-		readByteTokens:  0,
+		readByteTokens:  intReadBytes,
 		writeByteTokens: diskWriteTokens,
 		readIOPSTokens:  0,
 		writeIOPSTokens: 0,
diff --git a/pkg/util/admission/grant_coordinator.go b/pkg/util/admission/grant_coordinator.go
index 897583bba54a..ab6636086d52 100644
--- a/pkg/util/admission/grant_coordinator.go
+++ b/pkg/util/admission/grant_coordinator.go
@@ -135,6 +135,23 @@ func (sgc *StoreGrantCoordinators) SetPebbleMetricsProvider(
 					remainingTicks = ticker.remainingTicks()
 				}
 
+				// We do error accounting for disk reads and writes. This is important
+				// since disk token accounting is based on estimates over adjustment
+				// intervals. These estimates are linear models that have errors that
+				// would be otherwise unaccounted for. We adjust for these errors at a
+				// higher frequency than the adjustment interval.
+				if ticker.shouldAdjustForError() {
+					metrics := pebbleMetricsProvider.GetPebbleMetrics()
+					for _, m := range metrics {
+						if gc, ok := sgc.gcMap.Load(m.StoreID); ok {
+							gc.adjustDiskTokenError(m)
+						} else {
+							log.Warningf(ctx,
+								"seeing metrics for unknown storeID %d", m.StoreID)
+						}
+					}
+				}
+
 				sgc.gcMap.Range(func(_ roachpb.StoreID, gc *GrantCoordinator) bool {
 					gc.allocateIOTokensTick(int64(remainingTicks))
 					// true indicates that iteration should continue after the
@@ -709,6 +726,13 @@ func (coord *GrantCoordinator) allocateIOTokensTick(remainingTicks int64) {
 	// GrantCoordinators used for IO, so the if-condition is always true.
 }
 
+// adjustDiskTokenError is used to
+func (coord *GrantCoordinator) adjustDiskTokenError(m StoreMetrics) {
+	coord.mu.Lock()
+	defer coord.mu.Unlock()
+	coord.granters[KVWork].(*kvStoreTokenGranter).adjustDiskTokenErrorLocked(m.DiskStats.BytesRead, m.DiskStats.BytesWritten)
+}
+
 // testingTryGrant is only for unit tests, since they sometimes cut out
 // support classes like the ioLoadListener.
 func (coord *GrantCoordinator) testingTryGrant() {
diff --git a/pkg/util/admission/granter.go b/pkg/util/admission/granter.go
index ccf5b29d3cf3..feb59c7b8346 100644
--- a/pkg/util/admission/granter.go
+++ b/pkg/util/admission/granter.go
@@ -302,7 +302,13 @@ type kvStoreTokenGranter struct {
 		// TODO(aaditya): add support for read/IOPS tokens.
 		// Disk bandwidth tokens.
 		diskTokensAvailable diskTokens
-		diskTokensUsed      [admissionpb.NumStoreWorkTypes]diskTokens
+		diskTokensError     struct {
+			prevObservedWrites             uint64
+			prevObservedReads              uint64
+			diskWriteTokensAlreadyDeducted int64
+			diskReadTokensAlreadyDeducted  int64
+		}
+		diskTokensUsed [admissionpb.NumStoreWorkTypes]diskTokens
 	}
 
 	ioTokensExhaustedDurationMetric [admissionpb.NumWorkClasses]*metric.Counter
@@ -477,15 +483,47 @@ func (sg *kvStoreTokenGranter) subtractTokensForStoreWorkTypeLocked(
 	case admissionpb.RegularStoreWorkType, admissionpb.ElasticStoreWorkType:
 		diskTokenCount := sg.writeAmpLM.applyLinearModel(count)
 		sg.coordMu.diskTokensAvailable.writeByteTokens -= diskTokenCount
+		sg.coordMu.diskTokensError.diskWriteTokensAlreadyDeducted += diskTokenCount
 		sg.coordMu.diskTokensUsed[wt].writeByteTokens += diskTokenCount
 	case admissionpb.SnapshotIngestStoreWorkType:
 		// Do not apply the writeAmpLM since these writes do not incur additional
 		// write-amp.
 		sg.coordMu.diskTokensAvailable.writeByteTokens -= count
+		sg.coordMu.diskTokensError.diskWriteTokensAlreadyDeducted += count
 		sg.coordMu.diskTokensUsed[wt].writeByteTokens += count
 	}
 }
 
+// TODO(aaditya): Explain the equations below.
+func (sg *kvStoreTokenGranter) adjustDiskTokenErrorLocked(readBytes uint64, writeBytes uint64) {
+	intWrites := int64(writeBytes - sg.coordMu.diskTokensError.prevObservedWrites)
+	intReads := int64(readBytes - sg.coordMu.diskTokensError.prevObservedReads)
+
+	// Compensate for error due to writes.
+	writeError := intWrites - sg.coordMu.diskTokensError.diskWriteTokensAlreadyDeducted
+	if writeError > 0 {
+		if sg.coordMu.diskTokensAvailable.writeByteTokens < 0 {
+			sg.coordMu.diskTokensAvailable.writeByteTokens = 0
+		}
+		sg.coordMu.diskTokensAvailable.writeByteTokens -= writeError
+	}
+	// We have compensated for error, if any, in this interval, so we reset the
+	// deducted count for the next compensation interval.
+	sg.coordMu.diskTokensError.diskWriteTokensAlreadyDeducted = 0
+
+	// Compensate for error due to reads.
+	var readError int64
+	sg.coordMu.diskTokensError.diskReadTokensAlreadyDeducted -= intReads
+	if sg.coordMu.diskTokensError.diskReadTokensAlreadyDeducted < 0 {
+		readError = -(sg.coordMu.diskTokensError.diskReadTokensAlreadyDeducted)
+		sg.coordMu.diskTokensAvailable.writeByteTokens -= readError
+		sg.coordMu.diskTokensError.diskReadTokensAlreadyDeducted = 0
+	}
+
+	sg.coordMu.diskTokensError.prevObservedWrites = writeBytes
+	sg.coordMu.diskTokensError.prevObservedReads = readBytes
+}
+
 func (sg *kvStoreTokenGranter) tookWithoutPermission(
 	workType admissionpb.StoreWorkType, count int64,
 ) {
@@ -592,6 +630,7 @@ func (sg *kvStoreTokenGranter) setAvailableTokens(
 	ioTokens int64,
 	elasticIOTokens int64,
 	elasticDiskWriteTokens int64,
+	elasticDiskReadTokens int64,
 	ioTokenCapacity int64,
 	elasticIOTokenCapacity int64,
 	elasticDiskWriteTokensCapacity int64,
@@ -638,6 +677,7 @@ func (sg *kvStoreTokenGranter) setAvailableTokens(
 	if sg.coordMu.diskTokensAvailable.writeByteTokens > elasticDiskWriteTokensCapacity {
 		sg.coordMu.diskTokensAvailable.writeByteTokens = elasticDiskWriteTokensCapacity
 	}
+	sg.coordMu.diskTokensError.diskReadTokensAlreadyDeducted = elasticDiskReadTokens
 
 	return ioTokensUsed, ioTokensUsedByElasticWork
 }
diff --git a/pkg/util/admission/io_load_listener.go b/pkg/util/admission/io_load_listener.go
index 761ef3239e1e..15d7a57d7cef 100644
--- a/pkg/util/admission/io_load_listener.go
+++ b/pkg/util/admission/io_load_listener.go
@@ -247,11 +247,15 @@ type ioLoadListenerState struct {
 	totalNumElasticByteTokens  int64
 	elasticByteTokensAllocated int64
 
-	// elasticDiskBWTokens represents the tokens to give out until the next call
-	// to adjustTokens. They are parceled out in small intervals.
-	// elasticDiskTokensAllocated represents what has been given out.
+	// elasticDiskWriteTokens represents the tokens to give out until the next
+	// call to adjustTokens. They are parceled out in small intervals.
+	// elasticDiskWriteTokensAllocated represents what has been given out.
 	elasticDiskWriteTokens          int64
 	elasticDiskWriteTokensAllocated int64
+	// elasticDiskReadTokens are tokens that were already deducted during token
+	// estimation. These tokens are used for read error accounting.
+	elasticDiskReadTokens          int64
+	elasticDiskReadTokensAllocated int64
 }
 
 type cumStoreCompactionStats struct {
@@ -399,6 +403,7 @@ const loadedDuration = tickDuration(1 * time.Millisecond)
 type tokenAllocationTicker struct {
 	expectedTickDuration        time.Duration
 	adjustmentIntervalStartTime time.Time
+	lastErrorAdjustmentTime     time.Time
 	ticker                      *time.Ticker
 }
 
@@ -441,6 +446,14 @@ func (t *tokenAllocationTicker) remainingTicks() uint64 {
 	return uint64((remainingTime + t.expectedTickDuration - 1) / t.expectedTickDuration)
 }
 
+func (t *tokenAllocationTicker) shouldAdjustForError() bool {
+	if timeutil.Since(t.lastErrorAdjustmentTime) < time.Second {
+		return false
+	}
+	t.lastErrorAdjustmentTime = timeutil.Now()
+	return true
+}
+
 func (t *tokenAllocationTicker) stop() {
 	t.ticker.Stop()
 	*t = tokenAllocationTicker{}
@@ -558,9 +571,23 @@ func (io *ioLoadListener) allocateTokensTick(remainingTicks int64) {
 			remainingTicks,
 		)
 	if toAllocateElasticDiskWriteTokens < 0 {
-		panic(errors.AssertionFailedf("toAllocateElasticDiskBWTokens is negative %d",
+		panic(errors.AssertionFailedf("toAllocateElasticDiskWriteTokens is negative %d",
 			toAllocateElasticDiskWriteTokens))
 	}
+	io.elasticDiskWriteTokensAllocated += toAllocateElasticDiskWriteTokens
+
+	toAllocateElasticDiskReadTokens :=
+		allocateFunc(
+			io.elasticDiskReadTokens,
+			io.elasticDiskReadTokensAllocated,
+			remainingTicks,
+		)
+	if toAllocateElasticDiskReadTokens < 0 {
+		panic(errors.AssertionFailedf("toAllocateElasticDiskReadTokens is negative %d",
+			toAllocateElasticDiskWriteTokens))
+	}
+	io.elasticDiskReadTokensAllocated += toAllocateElasticDiskReadTokens
+
 	// INVARIANT: toAllocate >= 0.
 	io.byteTokensAllocated += toAllocateByteTokens
 	if io.byteTokensAllocated < 0 {
@@ -571,7 +598,6 @@ func (io *ioLoadListener) allocateTokensTick(remainingTicks int64) {
 		panic(errors.AssertionFailedf(
 			"tokens allocated is negative %d", io.elasticByteTokensAllocated))
 	}
-	io.elasticDiskWriteTokensAllocated += toAllocateElasticDiskWriteTokens
 
 	tokensMaxCapacity := allocateFunc(
 		io.totalNumByteTokens, 0, unloadedDuration.ticksInAdjustmentInterval(),
@@ -585,6 +611,7 @@ func (io *ioLoadListener) allocateTokensTick(remainingTicks int64) {
 		toAllocateByteTokens,
 		toAllocateElasticByteTokens,
 		toAllocateElasticDiskWriteTokens,
+		toAllocateElasticDiskReadTokens,
 		tokensMaxCapacity,
 		elasticTokensMaxCapacity,
 		diskBWTokenMaxCapacity,
@@ -647,6 +674,7 @@ func (io *ioLoadListener) adjustTokens(ctx context.Context, metrics StoreMetrics
 			intDiskLoadInfo, diskTokensUsed)
 		io.elasticDiskWriteTokens = tokens.writeByteTokens
 		io.elasticDiskWriteTokensAllocated = 0
+		io.elasticDiskReadTokens = tokens.readByteTokens
 	}
 	if metrics.DiskStats.ProvisionedBandwidth == 0 ||
 		!DiskBandwidthTokensForElasticEnabled.Get(&io.settings.SV) {
diff --git a/pkg/util/admission/io_load_listener_test.go b/pkg/util/admission/io_load_listener_test.go
index 555f60120ae3..036cfc523cd5 100644
--- a/pkg/util/admission/io_load_listener_test.go
+++ b/pkg/util/admission/io_load_listener_test.go
@@ -423,6 +423,7 @@ func (g *testGranterWithIOTokens) setAvailableTokens(
 	ioTokens int64,
 	elasticIOTokens int64,
 	elasticDiskBandwidthTokens int64,
+	elasticReadBandwidthTokens int64,
 	maxIOTokens int64,
 	maxElasticIOTokens int64,
 	maxElasticDiskBandwidthTokens int64,
@@ -486,6 +487,7 @@ func (g *testGranterNonNegativeTokens) setAvailableTokens(
 	ioTokens int64,
 	elasticIOTokens int64,
 	elasticDiskBandwidthTokens int64,
+	elasticReadBandiwdthTokens int64,
 	_ int64,
 	_ int64,
 	_ int64,