In catalytic tests, the results have shown that almost all the BPAF was removed within 30 min when the dosage of Co3O4@BiOI and sodium persulfate (PS) was 0.15 g and 0.1 mM, respectively. Acid conditions inhibited BPAF degradation, but the inclusion of a precise concentration of bicarbonate ions (HCO3−) promoted degradation. The presence of chloride (Cl−), sulfate ions (SO42−), and a high concentration of HCO3− inhibited the degradation process, whereas the addition of nitrate ions (NO3−) had a minor effect on the catalytic process. The presence of free radicals (sulfate (SO4•−), hydroxyl (•OH), and superoxide (O2•−)) and the non-free radical singlet oxygen (1O2) in the Co3O4@BiOI/PS system was determined by electron paramagnetic resonance (EPR) and quenching tests. We propose that the Co(II)/Co(III) and Bi(III)/Bi(V) redox pairs simultaneously activate PS where the Co3O4 and BiOI components work synergistically to promote the rapid oxidative degradation of BPAF in water.