To seek an appropriate stabilization and remediation scheme for cadmium (Cd) and arsenic (As) pollution in farmland, a typical polluted soil sample was selected from a mining area in Southwest China for a soil box simulation experiment. Biochar (BC), a modified type of biochar made from rice husk with different mass ratios of ferric chloride and rice husk, was set up (the mass ratio of ferric chloride to rice husk was 1:9 (defined as LFB), 3:7 (defined as MFB), and 5:5 (defined as HFB) and the control group (BL)) to explore the effects of soil water and fertilizer loss, the bioavailability of Cd and As, and the bioenrichment effects of plant organs during the growth period of rice. The results showed that the porous structure and large specific surface area of biochar effectively regulated soil aggregate composition and improved soil water holding capacity. Compared to the BL treatment, soil water storage under the four carbon-based material control modes increased from 8.98% to 14.52%. Biochar has a strong ion exchangeability and can absorb soil ammonium, nitrogen, and phosphoric acid groups, effectively inhibiting the loss of soil fertilizer. Biochar improves soil pH and reduces the specific gravity of exchangeable Cd. In addition, the oxygen-containing functional groups in biochar can react with metals in a complex manner. The diethylenetriaminepentaacetic acid (DTPA) concentrations of Cd in soils treated with BC, LFB, MFB, and HFB were 79.69%, 72.92%, 64.58%, and 69.27% lower, respectively, than those treated with BL. In contrast, the Fe3+ in ferric chloride combines with As after hydrolysis and oxidation to form amorphous ferric arsenate precipitates or insoluble secondary minerals. Therefore, the curing effect of the modified biochar on As was more potent than that of applied biochar alone. In conclusion, ferric chloride-modified biochar can effectively inhibit the effects of water and fertilizer loss in farmland soil and realize cross-medium long-term inhibition and control of combined Cd and As pollution.