Despite recent advances in observational data coverage, quantitative constraints on how different physical and biogeochemical processes shape dissolved iron distributions remain elusive, lowering confidence in future projections for iron-limited regions. Here we show that dissolved iron is cycled rapidly in Pacific mode and intermediate water and accumulates at a rate controlled by the strongly opposing fluxes of regeneration and scavenging. Combining new data sets within a watermass framework shows that the multidecadal dissolved iron accumulation is much lower than expected from a meta-analysis of iron regeneration fluxes. This mismatch can only be reconciled by invoking significant rates of iron removal to balance iron regeneration, whic...