We derive the nonlinear optical conductivity of an isotropic electron fluid
at frequencies below the interparticle collision rate. In this regime, governed
by hydrodynamics, the conductivity acquires a universal form at any
temperature, chemical potential, and spatial dimension. We show that the
nonlinear response of the fluid to a uniform field is dominated by the
third-order conductivity tensor $\sigma^{(3)}$ whose magnitude and temperature
dependence differ qualitatively from those in the conventional kinetic regime
of higher frequencies. We obtain explicit formulas for $\sigma^{(3)}$ for Dirac
materials such as graphene and Weyl semimetals. We make predictions for the
third-harmonic generation, renormalization of the collective-mode spectrum, and
the third-order circular magnetic birefringence experiments.