Context. Abell 754 is a rich galaxy cluster at z = 0.0543 and is considered the prototype of a major cluster merger. As many dynamically unrelaxed systems, it hosts diffuse radio emission on megaparsec-scales. Extended synchrotron sources in the intra-cluster medium (ICM) are commonly interpreted as evidence that a fraction of the gravitational energy released during cluster mergers is dissipated into nonthermal components. Aims. Here, we aim to use new MeerKAT UHF- and L-band observations to study nonthermal phenomena in Abell 754. These data are complemented with archival XMM-Newton observations to investigate the resolved spectral properties of both the radio and X-ray cluster emission. Methods. For the first time, we employed the pipeline originally developed to calibrate LOFAR data to MeerKAT observations. This allowed us to perform a direction-dependent calibration and obtain highly sensitive radio images in UHF and L bands that capture the extended emission with unprecedented detail. By using a large XMM-Newton mosaic, we produced thermodynamic maps of the ICM. Results. Our analysis reveals that the radio halo in the cluster center is bounded by the well-known shock in the eastern direction. Furthermore, in the southwest periphery, we discover an extended radio source that we classify as a radio relic that is possibly tracing a shock driven by the squeezed gas compressed by the merger, outflowing in perpendicular directions. The low-luminosity of this relic appears compatible with direct acceleration of thermal pool electrons. We interpret the observed radio and X-ray features in the context of a major cluster merger with a nonzero impact parameter. Conclusions. Abell 754 is a remarkable galaxy cluster showcasing exceptional features associated with the ongoing merger event. The high quality of the new MeerKAT data motivates further work on this system.