Anomalously high metal concentrations including iron enrichments are recorded in marine carbonates deposited during Ocean Anoxic Event 2 (OAE 2). These metal enrichments have been attributed to massive submarine eruptions during the formation of one or more large igneous provinces, the proposed trigger for OAE 2 (hydrothermal hypothesis), or to the release of metals from the reoxidation of formerly anoxic marine sediment during a period of temporary cooling during OAE 2 (sediment release hypothesis). Here we use iron stable isotopes to help distinguish between the two hypotheses for a trace metal enriched interval during OAE 2 in the Iona-1 core in the Western Interior Seaway, Texas. Our results show a two-step negative excursion during OAE 2 that is coincident with osmium isotope volcanic proxies measured in the same core, with peak negative values centered on a trace metal-enriched interval. After corrections for detrital and locally supplied iron to the study setting, the δ56Fe value of the remotely supplied iron is –0.28 ± 0.05 ‰, falling in the range of iron δ56Fe values observed in modern hydrothermal plumes (–0.1 to –0.5 ‰), thus supporting the hydrothermal hypothesis as the source of iron and other associated trace metals enriched in the study core during OAE 2. By contrast, the sediment release hypothesis predicts much lower δ56Fe values, between –1.0 ‰ to –3.3 ‰ predicted for benthic supplies of iron from anoxic marine sediment overlying re-oxygenated bottom waters. This study shows that combining iron with other proxies for environmental change, particularly submarine volcanism, can distinguish hydrothermally supplied iron from dust, rivers, and shelf sediment supplies of iron despite iron’s reputation for complicated cycling.