Single crystals of $R$Cd$_{0.67}$As$_2$ ($R$ = La and Ce) have been synthesized by high temperature ternary melt and their physical properties have been explored by means of magnetization, specific heat, electrical resistivity, Hall coefficient, and thermoelectric power measurements. $R$Cd$_{0.67}$As$_2$ compounds indicate a (structural) phase transition at high temperatures, accompanied by a remarkable increase of the electrical resistivity with an extremely low carrier concentration. CeCd$_{0.67}$As$_2$ exhibits a large magnetic anisotropy and an antiferromagnetic (AFM) order below $T_{N} = 4$~K. Magnetic susceptibility curves, together with magnetization isotherms and specific heat, are analyzed by the point charge model of crystalline electric field (CEF). In the paramagnetic state, the observed magnetic properties can be well explained by the CEF effects, implying that the 4$f$ moments remain localized. Electrical resistivity measurements, together with Hall resistivity and thermoelectric power, also suggest highly localized 4$f$ electrons, where Kondo contributions are negligible. The low temperature physical properties manifest strong magnetic field dependencies. For $H \perp c$, $T_{N}$ shifts to lower temperature as magnetic field increases, and eventually disappears at $H_{c} \sim 60$~ kOe. Inside the AFM state, three metamagnetic transitions are clearly evidenced from the magnetization isotherms. The RKKY interaction may be responsible for the AFM ordering in CeCd$_{0.67}$As$_2$, however it would have to be mediated by extremely low charge carriers. Although the AFM ordering temperature in CeCd$_{0.67}$As$_2$ can be continuously suppressed to zero, no AFM quantum phase transition is expected due to the lack of conduction electron clouds to screen the 4$f$ moments.
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