Here, we report that ExSO3H, a synthetically accessible, water-soluble, non-toxic derivative of the clinical iron chelator deferasirox, acts as a colorimetric chemosensor that permits the detection and quantification of Fe3+ in aqueous samples at pH 2–5. In addition, we observed that a fluorescent turn-on response was produced when this chelator was allowed to interact with human serum albumin (HSA). This fluorescence was quenched in the presence of Fe3+, thus allowing us to monitor the presence of this biologically important metal cation via two independent methods.