Using the Rost invariant for torsors under Spin groups one may define an analogue of the Arason invariant for certain hermitian forms and orthogonal involutions. We calculate this invariant explicitly in various cases, and use it to associate to every orthogonal involution σ with trivial discriminant and trivial Clifford invariant over a central simple algebra A of even co-index an element f 3 (σ) in the subgroup; it vanishes when deg A ≤ 10 and also when there is a quadratic extension of F that simultaneously splits A and makes σ hyperbolic. The paper provides a detailed study of both invariants, with particular attention to the degree 12 case, and to the relation with the existence of a quadratic splitting field.As a main tool we establish, when deg(A) = 12, an additive decomposition of (A, σ) into three summands that are central simple algebras of degree 4 with orthogonal involutions with trivial discriminant, extending a well-known result of Pfister on quadratic forms of dimension 12 in I 3 F . The Clifford components of the summands generate a subgroup U of the Brauer group of F , in which every element is represented by a quaternion algebra. We show that the Arason invariant e 3 (σ) generates the homology of a complex of degree 3 Galois cohomology groups, attached to the subgroup U , which was introduced and studied by Peyre. In the final section, we use the results on degree 12 algebras to extend the definition of the Arason invariant to trialitarian triples in which all three algebras have index at most 2.