Arsenic (As) is found in waters such as seawater, warm springs, groundwater, rivers, and lakes. In aquatic environments, As occurs as a mixture of arsenate and arsenite, with arsenate usually predominating. The unrestricted application of As pesticides, industrial activities, and mining operations has led to the global occurrence of soluble As above permissible levels of 0.010 mg/L. Continuous exposure of freshwater organisms including fish to low concentrations of As results in bioaccumulation, notably in liver and kidney. As a consequence As induces hyperglycemia, depletion of enzymatic activities, various acute and chronic toxicity, and immune system dysfunction. Here we review arsenic chemistry, the occurrence of arsenic in aquatic system, the transformation and metabolism of arsenic; arsenic bioaccumulation and bioconcentration; behavioral changes; and acute and other effects such as biochemical, immunotoxic, and cytogenotoxic effects on fish.