The synthesis of the metastable triple-decker complex [(Cp*Fe)(Cp‴Co)(μ,η 5 :η 4 -As 5 )] (3) (Cp* = pentamethyl-cyclopentadienyl, Cp‴ = 1,2,4-tritertbutyl-cyclopentadienyl) is reported. 3 is sensitive toward thermal activation (and in solutions of acetonitrile), which converts 3 selectively into [(Cp*Fe)(Cp‴Co)(μ,η 3 :η 3 -As 3 )] ( 4) and [(Cp*Fe) 2 (Cp‴Co) 2 (μ 4 ,η 4 :η 4 :η 4 :η 3 -As 11 )] (5). Harsher thermal reaction conditions lead to a further fragmentation into [Cp*Fe(η 5 -As 5 )] (1b), [(Cp‴Co) 2 (μ,η 2 :η 2 -As 2 ) 2 ] (6), and [(Cp*Fe) 2 (Cp‴Co)(μ 3 ,η 2 :η 2 :η 2 -As 3 ) 2 ] ( 7), which can be completed by longer reaction times or higher temperatures. The fragmentation was investigated by variable-temperature and time-dependent NMR spectroscopy, and a fine-tuning of the selectivity can be achieved by applying different reaction conditions. All compounds were fully characterized, and their electronic structures were elucidated by DFT calculations.