•Household air pollution exposure during pregnancy affects birth outcomes in Ghana.•Effects are strongest in pregnancies unaffected by placental malaria.•Carbon monoxide during pregnancy is associated with reduced fetal growth.•Carbon monoxide during pregnancy is also associated with shorter gestational age.•Malaria during pregnancy may obscure the effects of air pollution on fetal growth. Low birth weight and prematurity are important risk factors for death and disability, and may be affected by prenatal exposure to household air pollution (HAP). We investigate associations between maternal exposure to carbon monoxide (CO) during pregnancy and birth outcomes (birth weight, birth length, head circumference, gestational age, low birth weight, small for gestational age, and preterm birth) among 1288 live-born infants in the Ghana Randomized Air Pollution and Health Study (GRAPHS). We evaluate whether evidence of malaria during pregnancy, as determined by placental histopathology, modifies these associations. We observed effects of CO on birth weight, birth length, and gestational age that were modified by placental malarial status. Among infants from pregnancies without evidence of placental malaria, each 1 ppm increase in CO was associated with reduced birth weight (−53.4 g 95% CI: −84.8, −21.9 g), birth length (−0.3 cm −0.6, −0.1 cm), gestational age (−1.0 days −1.8, −0.2 days), and weight-for-age Z score (−0.08 standard deviations −0.16, −0.01 standard deviations). These associations were not observed in pregnancies with evidence of placental malaria. Each 1 ppm increase in maternal exposure to CO was associated with elevated odds of low birth weight (LBW, OR 1.14 0.97, 1.33) and small for gestational age (SGA, OR 1.14 0.98, 1.32) among all infants. Even modest reductions in exposure to HAP among pregnant women could yield substantial public health benefits, underscoring a need for interventions to effectively reduce exposure. Adverse associations with HAP were discernible only among those without evidence of placental malaria, a key driver of impaired fetal growth in this malaria-endemic area.