Arrays of aligned carbon nanotubes (CNTs) are anisotropic nanomaterials possessing a high length-to-diameter aspect ratio, channels passing through the array, and mechanical strength along with flexibility. The arrays are produced in one step using aerosol-assisted catalytic chemical vapor deposition (CCVD), where a mixture of carbon and metal sources is fed into the hot zone of the reactor. Metal nanoparticles catalyze the growth of CNTs and, during synthesis, are partially captured into the internal cavity of CNTs. In this work, we considered various stages of multi-walled CNT (MWCNT) growth on silicon substrates from a ferrocene–toluene mixture and estimated the amount of iron in the array. The study showed that although the mixture of precursors supplies evenly to the reactor, the iron content in the upper part of the array is lower and increases toward the substrate. The size of carbon-encapsulated iron-based nanoparticles is 20–30 nm, and, according to X-ray diffraction data, most of them are iron carbide Fe3C. The reasons for the gradient distribution of iron nanoparticles in MWCNT arrays were considered, and the possibilities of controlling their distribution were evaluated.