Transition metal ions, such as water-soluble iron (WS-Fe), are toxic components of fine particles (PM2.5). In Atlanta, from 1998 to 2013, a previous study found that WS-Fe was the PM2.5 species most associated with adverse cardiovascular outcomes. We examined this data set to investigate the sources of WS-Fe and the effects of air quality regulations on ambient levels of WS-Fe. We find that insoluble forms of iron in mineral and road dust combined with sulfate from coal-fired electrical generating units were converted into soluble forms by sulfate-driven acid dissolution. Sulfate produced both the highly acidic aerosol (summer pH 1.5-2) and liquid water required for the aqueous phase acid dissolution, but variability in WS-Fe was mainly driven by particle liquid water. These processes were more pronounced in summer when particles were most acidic, whereas in winter the relative importance of WS-Fe from combustion emissions increased. Although WS-Fe constituted a minute fraction of PM2.5 mass (0.15%), the WS-Fe-PM2.5 mass correlation was high (r = 0.67) and may be explained by these formation routes, which, in part, could account for observed associations between PM2.5 mass and adverse health seen in past studies. Similar processes are expected in many regions, implying that these unexpected benefits from coal-burning reduction may be widespread.