The shape- and structure-directing ability of capping agents, namely, acetic acid (AA) and folic acid (FA), has been analyzed in the synthesis of hollow plasmonic nanostructures via the nanoscale Kirkendall effect. FA was found to possess both shape-directing and structure-directing abilities when spherical solid Ag2O nanoparticles were transformed into hollow silver nanocubes (HAgNCs). In contrast, AA acted only as a structure-directing agent in the transformation from solid Ag2O nanospheres to hollow Ag nanospheres (HAgNSs). FA capping leads to enhanced plasmon tunability range from 535 to 640 nm in the hollow silver nanostructures. The size and shape of nanostructures were analyzed by high-resolution transmission electron microscopy (HRTEM). HRTEM revealed that the outer diameter of AA-capped HAgNSs is 50 ± 10 nm while edge-length for FA-capped HAgNCs is 100 ± 15 nm. The diameter of inner void space was found to be 30 ± 5 and 43 ± 5 nm for HAgNSs and HAgNCs, respectively. The phase purity of the hollow nanostructures was confirmed by X-ray diffraction and energy dispersive X-ray measurements. Due to unique structural and plasmonic features, FA-capped HAgNCs are well-suited for biomedical applications.