This work is a systematic review of the literature over the past decade of the application of activated carbon (microporous or mesoporous) as adsorbents for the removal of heavy metals, focusing especially on lead (Pb) and arsenic (As) ions from the aqueous phase. Classical examples from our lab are also given. Activated carbon is known to provide a high surface area for adsorption. Generally, surface modification is typically required, such as oxidation, treatment with ammonia or even impregnation with ferric ion, etc. and the adsorbent material may originate from various sources. The pristine materials, after modification and those after batch-wise adsorption, were characterized by available techniques (BET analysis, Fourier transform infrared spectroscopy, scanning electron microscopy, thermal analyses, X-ray photoelectron spectroscopy). Adsorption isotherms, thermodynamics and kinetics of the process are also discussed. Selected studies from the literature are examined in comparison with other adsorbents. The role of chemistry in the metals adsorption/removal was investigated.