diff --git a/arrow/Cargo.toml b/arrow/Cargo.toml
index cedd48e4d313..947b3a001076 100644
--- a/arrow/Cargo.toml
+++ b/arrow/Cargo.toml
@@ -65,7 +65,7 @@ pyo3 = { version = "0.17", default-features = false, optional = true }
 lexical-core = { version = "^0.8", default-features = false, features = ["write-integers", "write-floats", "parse-integers", "parse-floats"] }
 multiversion = { version = "0.6.1", default-features = false }
 bitflags = { version = "1.2.1", default-features = false }
-zstd = { version = "0.11.1", default-features = false, optional = true }
+zstd = { version = "0.12.3", default-features = false, optional = true }
 
 [package.metadata.docs.rs]
 features = ["prettyprint", "ipc_compression", "dyn_cmp_dict", "ffi", "pyarrow"]
diff --git a/parquet/Cargo.toml b/parquet/Cargo.toml
index eb03033c52df..29c61d070ad9 100644
--- a/parquet/Cargo.toml
+++ b/parquet/Cargo.toml
@@ -38,7 +38,7 @@ snap = { version = "1.0", default-features = false, optional = true }
 brotli = { version = "3.3", default-features = false, features = ["std"], optional = true }
 flate2 = { version = "1.0", default-features = false, features = ["rust_backend"], optional = true }
 lz4 = { version = "1.23", default-features = false, optional = true }
-zstd = { version = "0.11.1", optional = true, default-features = false }
+zstd = { version = "0.12.3", optional = true, default-features = false }
 chrono = { version = "0.4", default-features = false, features = ["alloc"] }
 num = { version = "0.4", default-features = false }
 num-bigint = { version = "0.4", default-features = false }
@@ -60,7 +60,7 @@ tempfile = { version = "3.0", default-features = false }
 brotli = { version = "3.3", default-features = false, features = ["std"] }
 flate2 = { version = "1.0", default-features = false, features = ["rust_backend"] }
 lz4 = { version = "1.23", default-features = false }
-zstd = { version = "0.11", default-features = false }
+zstd = { version = "0.12", default-features = false }
 serde_json = { version = "1.0", features = ["std"], default-features = false }
 arrow = { path = "../arrow", version = "22.0.0", default-features = false, features = ["ipc", "test_utils", "prettyprint", "json"] }