I read somewhere that if you had to ascend rapidly, it could make you more likely to get the "bends." I think this is because smokers generally have less oxygen in their bloodstream.
Here are just a few of the dangers of scuba diving. I've known smokers who had no trouble diving. I don't think the amount of oxygen in the blood from smoking is an issue.
Pulmonary Embolism:
Another risk facing a diver who rapidly ascends to the surface is pulmonary embolism. The increased pressure of the undersea environment results in the gas a diver breathes becoming denser, as more gas is crammed into the same space under pressure. The gas held in the lungs will expand at the same rate that the pressure on the body is reduced, so a rapid ascent can cause the lungs to swell and even pop like a balloon. Scuba divers guard against pulmonary embolism by making slow, controlled ascents to the surface and by never holding their breath.
Nitrogen Narcosis:
Another nitrogen-related danger is the narcotic effect of all that extra nitrogen in the body. Anyone who has had nitrous-oxide gas at the dentist is already familiar with this effect. Nitrogen narcosis is a danger because it impairs judgement and sensory perception. As with the bends, the degree of nitrogen narcosis is related to how deep a diver goes and how much nitrogen they absorb.
Decompression Sickness
Often called "the bends," decompression sickness is caused by increased underwater pressure causing the body's tissues to absorb more nitrogen. If that pressure is suddenly reduced, this extra nitrogen forms potentially harmful bubbles. Deep divers return to the surface in carefully monitored stages so as to control the rate at which this absorbed nitrogen is released. Depending on the amount of nitrogen absorbed and the rate at which it was released, a case of the bends can range from aching joints or a skin rash to paralysis and death.
Oxygen Toxicity:
Oxygen toxicity is usually a problem only encountered by deep divers who go below 135 feet. Like nitrogen, the body absorbs extra oxygen under increased underwater pressure as well. For most divers this is not a problem, but at extreme depths so much extra oxygen is absorbed that this life-giving gas becomes toxic. The effects range from tunnel vision and/or nausea to twitching to loss of consciousness and/or seizures.