In situ treatment of acidic arsenic-containing wastewater from the non-ferrous metal smelting industry has been a great challenge for cleaner production in smelters. Scorodite and iron arsenate have been proved to be good arsenic-fixing minerals; thus, we used lead slag as an iron source to remove arsenic from wastewater by forming iron arsenate and scorodite. As the main contaminant in wastewater, As(III) was oxidized to As(V) by H2O2, which was further mineralized to low-crystalline iron arsenate by Fe(III) and Fe(II) released by lead slag (in situ generated). The calcium ions released from the dissolved lead slag combined with sulfate to form well-crystallized gypsum, which co-precipitated with iron arsenate and provided attachment sites for iron arsenate. In addition, a silicate colloid was generated from dissolved silicate minerals wrapped around the As-bearing precipitate particles, which reduced the arsenic-leaching toxicity. A 99.95% removal efficiency of arsenic with initial concentration of 6500 mg/L was reached when the solid–liquid ratio was 1:10 and after 12 h of reaction at room temperature. Moreover, the leaching toxicity of As-bearing precipitate was 3.36 mg/L (As) and 2.93 mg/L (Pb), lower than the leaching threshold (5 mg/L). This work can promote the joint treatment of slag and wastewater in smelters, which is conducive to the long-term development of resource utilization and clean production.