Aquatic plants may face resource constraints or anthropogenic pollution, and effects might be heightened under multiple stress conditions. We investigated if arsenate effects on Myriophyllum spicatum L. would be stronger under CO2 limitation and low phosphorus availability. In a factorial design, we exposed sediment-grown plants to either CO2 (high carbon or HC) or bicarbonate (low carbon or LC) and four levels of arsenate. We observed strong effects of arsenate exposure on growth, biomass allocation (leaf, stem and root mass fractions), pigments and phenolic compounds. CO2 availability strongly affected the content in phenolic compounds and a few other response variables, yet overall effects were less pronounced than expected. Strong interactive effects of CO2 availability and arsenic concentration were only observed for carotenoids, the carotenoid/chlorophyll ratio and phenolic compounds in leaves. Only the carbon content declined with increasing arsenic concentration, otherwise leaf elemental content and stoichiometry were not affected by arsenic or CO2 availability, suggesting that plants strived to maintain leaf functions. The observed effects on biomass allocation and plant quality, specifically elemental stoichiometry and phenolic compounds content of M. spicatum not only show direct changes in plant performance but suggest also indirect effects on ecological interactions such as competition or herbivory.