This work reports the fabrication of nanomagnetite- and nanotitania-incorporated polyacrylonitrile nanofibers (MTPANs) by an electrospinning process, which has the potential to be used as a membrane material for the selective removal of Cd(II) and As(V) in water. The fiber morphology was characterized by scanning electron microscopy (SEM). The incorporation of nanomagnetite and nanotitania in the composite fiber matrix was confirmed by energy-dispersive X-ray spectroscopy (EDX), X-ray diffraction (XRD), and Fourier transform infrared (FT-IR) spectroscopy. The fibers doped with nanomagnetite and nanotitania (MPAN and TPAN fibers, respectively), as well as MTPAN and neat polycrylonitrile (PAN) fibers, after thermally stabilizing at 275 °C in air, were assessed for their comparative As(V)- and Cd(II)-ion removal capacities. The isotherm studies indicated that the highest adsorption of Cd(II) was shown by MTPAN, following the Langmuir model with a qm of 51.5 mg/m^{2}. On the other hand, MPAN showed the highest As(V)adsorption capacity, following the Freundlich model with a K_{F} of 0.49. The mechanism of adsorption of both Cd(II) and As(V) by fibers was found to be electrostatically driven, which was confirmed by correlating the point of zero charges (PZC) exhibited by fibers with the pH of maximum ion adsorptions. The As(V) adsorption on MPAN occurs by an inner-sphere mechanism, whereas Cd(II) adsorption on MTPAN is via both surface complexation and an As(V)-assisted inner-sphere mechanism. Even though the presence of coexistent cations, Ca(II) and Mg(II), has been shown to affect the Cd(II) removal by MTPAN, the MTPAN structure shows >50% removal efficiency even for minute concentrations (0.5 ppm) of Cd(II) in the presence of high common ion concentrations (10 ppm). Therefore, the novel polyacrylonitrile-based nanofiber material has the potential to be used in polymeric filter materials used in water purification to remove As(V) and Cd(II) simultaneously.