Dual camera systems have assisted in the proliferation of various applications, such as optical zoom, low-light imaging and High Dynamic Range (HDR) imaging. In this work, we explore an optimal method for capturing the scene HDR and disparity map using dual camera setups. Hasinoff et al. (2010) have developed a noise optimal framework for HDR capture from a single camera. We generalize this to the dual camera set-up for estimating both HDR and disparity map. It may seem that dual camera systems can capture HDR in a shorter time. However, disparity estimation is a necessary step, which requires overlap among the images captured by the two cameras. This may lead to an increase in the capture time. To address this conflicting requirement, we propose a novel framework to find the optimal exposure and ISO sequence by minimizing the capture time under the constraints of an upper bound on the disparity error and a lower bound on the per-exposure SNR. We show that the resulting optimization problem is non-convex in general and propose an appropriate initialization technique. To obtain the HDR and disparity map from the optimal capture sequence, we propose a pipeline which alternates between estimating the camera ICRFs and the scene disparity map. We demonstrate that our optimal capture sequence leads to better results than other possible capture sequences. Our results are also close to those obtained by capturing the full stereo stack spanning the entire dynamic range. Finally, we present for the first time a stereo HDR dataset consisting of dense ISO and exposure stack captured from a smartphone dual camera. The dataset consists of 6 scenes, with an average of 142 exposure-ISO image sequence per scene.