In one aspect, a system for estimating field conditions may include an agricultural machine having a tire configured to engage soil within a field. The system may also include an image capture device configured to capture one or more images of the tire as the agricultural machine is moved across the field. Furthermore, the system may include a controller communicatively coupled to the image capture device. As such, the controller may be configured to estimate a parameter associated with a soil condition of the soil within the field based on the one or more images captured by the image capture device.