diff --git a/src/crewai/tools/tool_usage.py b/src/crewai/tools/tool_usage.py
index c30207fd2..ebc9c5914 100644
--- a/src/crewai/tools/tool_usage.py
+++ b/src/crewai/tools/tool_usage.py
@@ -1,5 +1,7 @@
 import ast
+import datetime
 import os
+import time
 from difflib import SequenceMatcher
 from textwrap import dedent
 from typing import Any, List, Union
@@ -8,7 +10,10 @@ from crewai.agents.tools_handler import ToolsHandler
 from crewai.task import Task
 from crewai.telemetry import Telemetry
 from crewai.tools.tool_calling import InstructorToolCalling, ToolCalling
+from crewai.tools.tool_usage_events import ToolUsageError, ToolUsageFinished
 from crewai.utilities import I18N, Converter, ConverterError, Printer
+import crewai.utilities.events as events
+
 
 agentops = None
 if os.environ.get("AGENTOPS_API_KEY"):
@@ -126,12 +131,16 @@ class ToolUsage:
             except Exception:
                 self.task.increment_tools_errors()
 
-        result = None  # type: ignore # Incompatible types in assignment (expression has type "None", variable has type "str")
+        started_at = time.time()
+        from_cache = False
 
+        result = None  # type: ignore # Incompatible types in assignment (expression has type "None", variable has type "str")
+        # check if cache is available
         if self.tools_handler.cache:
             result = self.tools_handler.cache.read(  # type: ignore # Incompatible types in assignment (expression has type "str | None", variable has type "str")
                 tool=calling.tool_name, input=calling.arguments
             )
+            from_cache = result is not None
 
         original_tool = next(
             (ot for ot in self.original_tools if ot.name == tool.name), None
@@ -163,6 +172,7 @@ class ToolUsage:
                 else:
                     result = tool.invoke(input={})
             except Exception as e:
+                self.on_tool_error(tool=tool, tool_calling=calling, e=e)
                 self._run_attempts += 1
                 if self._run_attempts > self._max_parsing_attempts:
                     self._telemetry.tool_usage_error(llm=self.function_calling_llm)
@@ -214,6 +224,13 @@ class ToolUsage:
             "tool_args": calling.arguments,
         }
 
+        self.on_tool_use_finished(
+            tool=tool,
+            tool_calling=calling,
+            from_cache=from_cache,
+            started_at=started_at,
+        )
+
         if (
             hasattr(original_tool, "result_as_answer")
             and original_tool.result_as_answer  # type: ignore # Item "None" of "Any | None" has no attribute "cache_function"
@@ -431,3 +448,34 @@ class ToolUsage:
             # Reconstruct the JSON string
             new_json_string = "{" + ", ".join(formatted_entries) + "}"
             return new_json_string
+
+    def on_tool_error(self, tool: Any, tool_calling: ToolCalling, e: Exception) -> None:
+        event_data = self._prepare_event_data(tool, tool_calling)
+        events.emit(
+            source=self, event=ToolUsageError(**{**event_data, "error": str(e)})
+        )
+
+    def on_tool_use_finished(
+        self, tool: Any, tool_calling: ToolCalling, from_cache: bool, started_at: float
+    ) -> None:
+        finished_at = time.time()
+        event_data = self._prepare_event_data(tool, tool_calling)
+        event_data.update(
+            {
+                "started_at": datetime.datetime.fromtimestamp(started_at),
+                "finished_at": datetime.datetime.fromtimestamp(finished_at),
+                "from_cache": from_cache,
+            }
+        )
+        events.emit(source=self, event=ToolUsageFinished(**event_data))
+
+    def _prepare_event_data(self, tool: Any, tool_calling: ToolCalling) -> dict:
+        return {
+            "agent_key": self.agent.key,
+            "agent_role": (self.agent._original_role or self.agent.role),
+            "run_attempts": self._run_attempts,
+            "delegations": self.task.delegations,
+            "tool_name": tool.name,
+            "tool_args": tool_calling.arguments,
+            "tool_class": tool.__class__.__name__,
+        }
diff --git a/src/crewai/tools/tool_usage_events.py b/src/crewai/tools/tool_usage_events.py
new file mode 100644
index 000000000..fea9d3f3c
--- /dev/null
+++ b/src/crewai/tools/tool_usage_events.py
@@ -0,0 +1,23 @@
+from typing import Any, Dict
+from pydantic import BaseModel
+from datetime import datetime
+
+
+class ToolUsageEvent(BaseModel):
+    agent_key: str
+    agent_role: str
+    tool_name: str
+    tool_args: Dict[str, Any]
+    tool_class: str
+    run_attempts: int | None = None
+    delegations: int | None = None
+
+
+class ToolUsageFinished(ToolUsageEvent):
+    started_at: datetime
+    finished_at: datetime
+    from_cache: bool = False
+
+
+class ToolUsageError(ToolUsageEvent):
+    error: str
diff --git a/src/crewai/utilities/events.py b/src/crewai/utilities/events.py
new file mode 100644
index 000000000..75425fca2
--- /dev/null
+++ b/src/crewai/utilities/events.py
@@ -0,0 +1,44 @@
+from typing import Any, Callable, Generic, List, Dict, Type, TypeVar
+from functools import wraps
+from pydantic import BaseModel
+
+
+T = TypeVar("T")
+EVT = TypeVar("EVT", bound=BaseModel)
+
+
+class Emitter(Generic[T, EVT]):
+    _listeners: Dict[Type[EVT], List[Callable]] = {}
+
+    def on(self, event_type: Type[EVT]):
+        def decorator(func: Callable):
+            @wraps(func)
+            def wrapper(*args, **kwargs):
+                return func(*args, **kwargs)
+
+            self._listeners.setdefault(event_type, []).append(wrapper)
+            return wrapper
+
+        return decorator
+
+    def emit(self, source: T, event: EVT) -> None:
+        event_type = type(event)
+        for func in self._listeners.get(event_type, []):
+            func(source, event)
+
+
+default_emitter = Emitter[Any, BaseModel]()
+
+
+def emit(source: Any, event: BaseModel, raise_on_error: bool = False) -> None:
+    try:
+        default_emitter.emit(source, event)
+    except Exception as e:
+        if raise_on_error:
+            raise e
+        else:
+            print(f"Error emitting event: {e}")
+
+
+def on(event_type: Type[BaseModel]) -> Callable:
+    return default_emitter.on(event_type)
diff --git a/tests/agent_test.py b/tests/agent_test.py
index 50e94d46d..815702680 100644
--- a/tests/agent_test.py
+++ b/tests/agent_test.py
@@ -12,9 +12,11 @@ from crewai.llm import LLM
 from crewai.agents.parser import CrewAgentParser, OutputParserException
 from crewai.tools.tool_calling import InstructorToolCalling
 from crewai.tools.tool_usage import ToolUsage
+from crewai.tools.tool_usage_events import ToolUsageFinished
 from crewai.utilities import RPMController
 from crewai_tools import tool
 from crewai.agents.parser import AgentAction
+from crewai.utilities.events import Emitter
 
 
 def test_agent_llm_creation_with_env_vars():
@@ -71,7 +73,7 @@ def test_agent_creation():
 
 def test_agent_default_values():
     agent = Agent(role="test role", goal="test goal", backstory="test backstory")
-    assert agent.llm.model == "gpt-4o"
+    assert agent.llm.model == "gpt-4o-mini"
     assert agent.allow_delegation is False
 
 
@@ -178,8 +180,15 @@ def test_agent_execution_with_tools():
         agent=agent,
         expected_output="The result of the multiplication.",
     )
-    output = agent.execute_task(task)
-    assert output == "The result of the multiplication is 12."
+    with patch.object(Emitter, "emit") as emit:
+        output = agent.execute_task(task)
+        assert output == "The result of the multiplication is 12."
+        assert emit.call_count == 1
+        args, _ = emit.call_args
+        assert isinstance(args[1], ToolUsageFinished)
+        assert not args[1].from_cache
+        assert args[1].tool_name == "multiplier"
+        assert args[1].tool_args == {"first_number": 3, "second_number": 4}
 
 
 @pytest.mark.vcr(filter_headers=["authorization"])
@@ -197,7 +206,7 @@ def test_logging_tool_usage():
         verbose=True,
     )
 
-    assert agent.llm.model == "gpt-4o"
+    assert agent.llm.model == "gpt-4o-mini"
     assert agent.tools_handler.last_used_tool == {}
     task = Task(
         description="What is 3 times 4?",
@@ -267,7 +276,7 @@ def test_cache_hitting():
         "multiplier-{'first_number': 12, 'second_number': 3}": 36,
     }
 
-    with patch.object(CacheHandler, "read") as read:
+    with patch.object(CacheHandler, "read") as read, patch.object(Emitter, "emit") as emit:
         read.return_value = "0"
         task = Task(
             description="What is 2 times 6? Ignore correctness and just return the result of the multiplication tool, you must use the tool.",
@@ -279,6 +288,10 @@ def test_cache_hitting():
         read.assert_called_with(
             tool="multiplier", input={"first_number": 2, "second_number": 6}
         )
+        assert emit.call_count == 1
+        args, _ = emit.call_args
+        assert isinstance(args[1], ToolUsageFinished)
+        assert args[1].from_cache
 
 
 @pytest.mark.vcr(filter_headers=["authorization"])