The concept of Industry 4.0, internationally also often referred to as the Industrial Internet of Things, enables data-driven business models to be implemented in industrial value creation. Further, the concept of Industry 4.0 aims to generate sustainable value in industrial contexts. However, both concepts, Industry 4.0-enabled data-driven business models as well as sustainable business models in Industry 4.0, have scarcely been investigated in extant literature. Hence, this paper aims to contribute to the understanding of research at the intersection of three disciplines: 1) Industry 4.0, 2) data-based business models, and 3) sustainability. For this purpose, relevant concepts and interconnections are drawn based on extant literature in the respective field. Further, this paper presents a research agenda that presents several important aspects of data-based sustainable business models in the context of Industry 4.0. These include, among others, designing data-based value offers that are based on economic as well as social and ecological aspects. Another example are value capture or monetization mechanisms that combine economic and ecologically or socially sustainable perspectives into a potentially multi-sided business model. Finally, the paper presents a perspective on future research and potential challenges in the respective aspects of databased sustainable business models in Industry 4.0.