Adsorptive removal of arsenite from wastewater often involves pre-oxidation to the less toxic arsenate followed by adsorption. Materials capable of simultaneous oxidation and adsorption could potentially improve the treatment of arsenic contaminated water. A novel magnetic composite consisting of Fenton’s treated pine cone, an agricultural waste and magnetite nanoparticles was prepared and applied to achieve simultaneous arsenite oxidation and adsorptive removal. A mechanistic investigation of the adsorption process was conducted to provide insights into the interaction of arsenite and the composite surface. X-ray diffraction peaks of the nanoparticles matched those of synthetic magnetite and X-ray photoelectron spectroscopy (XPS) indicated that Fe2+/Fe3+ ratio was in accordance with that of magnetite at 0.5. Arsenite removal efficiency by the as-synthesised composite was approximately 90% with a maximum adsorption capacity of 17 mg g−1. Kinetic studies revealed that arsenic adsorption was a multi-step process with surface adsorption and intra-particle diffusion contributing to the rate limiting step. Ion exchange was evident from the release of pre-loaded nitrate ions during arsenite adsorption. Spectroscopic evidence confirmed ion exchange through the observance of hydroxyl peak shift, reduction in intensity of carboxylate peaks and AsOFe bond formation during adsorption. Further, XPS results confirmed that there was simultaneous reduction of Fe3+ to Fe2+, oxidation of arsenite to arsenate and adsorption of both arsenite and arsenate on the composite surface through the formation of inner sphere complexes.