Lead contamination in water poses significant health risks, making its removal imperative. In this study, magnetic strontium ferrite (SrFe12O19) nanoparticles were facilely synthesized by the Pechini sol–gel method and subsequently functionalized with a novel chitosan–Schiff base ligand to obtain a novel inorganic/organic nanocomposite for removing Pb(II) ions from aqueous solutions. The chitosan–Schiff base ligand was synthesized through the reaction of chitosan with 2,4,5-trihydroxybenzaldehyde. The presence of two X-ray diffraction (XRD) peaks at 2Ɵ = 10.5° and 2Ɵ = 20.5°, alongside the characteristic SrFe12O19 peaks, confirmed the functionalization of the nanoparticles with the ligand. Additionally, a significant decrease in the saturation magnetization value from 40.29 emu/g in pure SrFe12O19 nanoparticles to 17.32 emu/g in the nanocomposite further verified the functionalization. The presence of carbon (C) and nitrogen (N) atoms in the energy-dispersive X-ray (EDX) pattern of the nanocomposite, in addition to iron (Fe), strontium (Sr), and oxygen (O), also confirmed the functionalization. The nanocomposite’s maximum adsorption capacity for Pb(II) ions was 390.63 mg/g. Moreover, the adsorption process is endothermic, spontaneous, and chemical, occurring via complexation with -C=N and -OH groups, and it fits well with the Langmuir equilibrium isotherm and the pseudo-second-order kinetic equation.