We used the virtual hand illusion paradigm to investigate the effect of physical load on perceived agency and body ownership. Participants pulled a resistance band that required exerting a force of 1 N, 10 N, or 20 N while operating a virtual hand that moved in synchronous or out of sync with their own hand. Explicit agency and ownership ratings were obtained, in addition to intentional binding and skin conductance as implicit measures of agency and ownership. Physical load increased perceived subjective load but showed no main effect, while synchrony effects were found on all agency and ownership measures. Interestingly, load did interact with synchrony in implicit agency and explicit ownership, by reducing and eliminating synchrony effects as movement synchrony was reduced with higher physical load. Furthermore, consistent with previous claims, implicit agency increased with perceived effort associated with higher physical load.