diff --git a/core/shared/src/main/scala/fs2/Stream.scala b/core/shared/src/main/scala/fs2/Stream.scala
index 02a77e0fd2..b70a1372ac 100644
--- a/core/shared/src/main/scala/fs2/Stream.scala
+++ b/core/shared/src/main/scala/fs2/Stream.scala
@@ -1081,6 +1081,25 @@ final class Stream[+F[_], +O] private[fs2] (private[fs2] val underlying: Pull[F,
     go(s, this).stream
   }
 
+  /** Like `[[Stream#fold]]`, but accepts a function returning an `F[_]`.
+    *
+    * @example {{{
+    * scala> import cats.effect.SyncIO
+    * scala> Stream(1,2,3,4).covary[SyncIO].evalFold(0)((acc,i) => SyncIO(acc + i)).compile.toVector.unsafeRunSync()
+    * res0: Vector[Int] = Vector(10)
+    * }}}
+    */
+  def evalFold[F2[x] >: F[x], O2](z: O2)(f: (O2, O) => F2[O2]): Stream[F2, O2] = {
+    def go(z: O2, in: Stream[F2, O]): Pull[F2, O2, Unit] =
+      in.pull.uncons1.flatMap {
+        case None => Pull.output1(z)
+        case Some((hd, tl)) =>
+          Pull.eval(f(z, hd)).flatMap(ns => go(ns, tl))
+      }
+
+    go(z, this).stream
+  }
+
   /** Effectfully maps and filters the elements of the stream depending on the optionality of the result of the
     * application of the effectful function `f`.
     *
diff --git a/core/shared/src/test/scala/fs2/StreamCombinatorsSuite.scala b/core/shared/src/test/scala/fs2/StreamCombinatorsSuite.scala
index 4c6cafc040..d7cc21d93b 100644
--- a/core/shared/src/test/scala/fs2/StreamCombinatorsSuite.scala
+++ b/core/shared/src/test/scala/fs2/StreamCombinatorsSuite.scala
@@ -480,6 +480,15 @@ class StreamCombinatorsSuite extends Fs2Suite {
     }
   }
 
+  test("evalFold") {
+    forAllF { (s: Stream[Pure, Int], n: Int) =>
+      val f = (_: Int) + (_: Int)
+      s.covary[IO]
+        .evalFold(n) { case (s, i) => IO.pure(f(s, i)) }
+        .assertEmitsSameAs(s.fold(n)(f))
+    }
+  }
+
   group("evalMapFilter") {
     test("with effectful optional identity function") {
       forAllF { (s: Stream[Pure, Int]) =>