An effective field theory is used to give a model-independent description of Compton scattering at energies comparable to the pion mass [43]. The amplitudes for scattering on the proton and the deuteron, calculated to fourth order in small momenta in baryon PT, contain four undetermined parameters that are in one-to-one correspondence with the nucleon polarizabilities. These polarizabilities are extracted from fits to data on elastic photon scattering on hydrogen and deuterium. For the proton we find: , , both in units of . For the isoscalar polarizabilities we obtain: , , in the same units. Our results are consistent, within error bars, with the recent extraction of from the Lund data using the detailed model of Levchuk and L'vov [44,45]. (But see also the values found using the data of Refs. [46,47] and this model [47,45].). The EFT can be improved by the introduction of an explicit -isobar field, a complete treatment of the very-low-energy region, and a better understanding of the dependence of the results on the choice of deuteron wave function.