A joint communication and channel state estimation problem is investigated, in which reliable information transmission over a noisy channel, and high-fidelity estimation of the channel state, are simultaneously sought. The tradeoff between the achievable information rate and the estimation distortion is quantified by formulating the problem as a constrained channel coding problem, and the resulting capacity-distortion function characterizes the fundamental limit of the joint communication and channel estimation problem. The analytical results are illustrated through case studies, and further issues such as multiple cost constraints, channel uncertainty, and capacity per unit distortion are also briefly discussed.