Hollow TiO2 nanoparticles (HNPs) capped with conducting polymers, such as polythiophene (PT), polypyrrole (PPy), and polyaniline (PANI), have been studied to be used as polarizability-tunable electrorheological (ER) fluids. The hollow shape of TiO2 nanoparticles, achieved by the removal of the SiO2 template, offers colloidal dispersion stability in silicone oil owing to the high number density. Conducting polymer shells, introduced on the nanoparticle surface using vapor deposition polymerization method, improve the yield stress of the corresponding ER fluids in the order of PANI < PPy < PT. PT-HNPs exhibited the highest yield stress of ca. 94.2 Pa, which is 5.0-, 1.5-, and 9.6-times higher than that of PANI-, PPy-, and bare HNPs, respectively. The improved ER response upon tuning with polymer shells is attributed to the space charge contribution arising from the movement of the charge carriers trapped by the heterogeneous interface. The ER response of studied ER fluids is consistent with the corresponding polarizability results as indicated by the permittivity and electrophoretic mobility measurements. In conclusion, the synergistic effect of hollow nanostructures and conducting polymer capping effectively enhanced the ER performance.