We investigate the potential misuse of modern Large Language Models (LLMs) for generating credible-sounding misinformation and its subsequent impact on information-intensive applications, particularly Open-Domain Question Answering (ODQA) systems. We establish a threat model and simulate potential misuse scenarios, both unintentional and intentional, to assess the extent to which LLMs can be utilized to produce misinformation. Our study reveals that LLMs can act as effective misinformation generators, leading to a significant degradation (up to 87%) in the performance of ODQA systems. Moreover, we uncover disparities in the attributes associated with persuading humans and machines, presenting an obstacle to current human-centric approaches to combat misinformation. To mitigate the harm caused by LLM-generated misinformation, we propose three defense strategies: misinformation detection, vigilant prompting, and reader ensemble. These approaches have demonstrated promising results, albeit with certain associated costs. Lastly, we discuss the practicality of utilizing LLMs as automatic misinformation generators and provide relevant resources and code to facilitate future research in this area.