Assume that the functions $f,g: \mathbb{R}\rightarrow \mathbb{R}$ are integrable and equal to zero on $(-\infty,0)$, (i.e $f,g \in L^+$). Then by Titchmarsh's theorem:
$f*g$ is zero almost everywhere iff $f$ or $g$ is zero almost everywhere.
Hence the Banach subalgebra $L^+$ of $L^1(\mathbb{R})$ has no zero divisors.
Is the same true for arbitrary integrable $f$ and $g$ on $\mathbb{R}$ ?
To make Yemon Choi's idea more explicit:
The bump function
$$b(x):=\begin{cases}\exp{-1\over 1-x^2} & \bigl(|x|<1\bigr) \\ 0 & \bigl(|x|\geq 1\bigr)\cr\end{cases}$$
is $C^\infty$ and has compact support $[-1,1]$; whence it is in the Schwartz space ${\cal S}$ and is the inverse transform of its Fourier transform $\hat b\in {\cal S}$. The same is true for the functions $f_1(x):=b(x-1)$ and $f_2(x):=b(x+1)$ whose product is identically zero. But up to a constant factor this product is equal to $\hat f_1\ *\ \hat f_2$.