Technological applications of novel metastable materials are frequently inhibited by abundant defects residing in these materials. Using first-principles methods, we investigate the defect thermodynamics and phase segregation in the technologically important metastable alloy GaAsBi. Our calculations predict defect energy levels in good agreement with those from numerous previous experiments and clarify the defect structures giving rise to these levels. We find that vacancies in some charge states become metastable or unstable with respect to antisite formation, and this instability is a general characteristic of zincblende semiconductors with small ionicity. The dominant point defects that degrade the electronic and optical performances are predicted to be As Ga , Bi Ga , As Ga +Bi As , Bi Ga +Bi As , V Ga and V Ga +Bi As , of which the first four and last two defects are minority-electron and minority-hole traps, respectively. V Ga is also observed to have a critical role in controlling metastable Bi supersaturation by mediating Bi diffusion and clustering. To reduce the influences of these deleterious defects, we suggest shifting the growth away from an As-rich condition and/or using hydrogen passivation to reduce the minority-carrier traps. We expect this work to aid in the applications of GaAsBi for novel electronic and optoelectronic devices and to illuminate the control of deleterious defects in other metastable materials.