You question is not clear. Are they both present? In what concentrations? What about the site, is it big or small? Have you already thought of bioremediation? Some plants like to accumulate havy metals and so on.
Yes removal of heavy metals and arsenic from contaminated soils using bioremediation and chelant extraction techniques can be done. For details see following link:
We generally want to remove toxic elements. However one other thought would be to make the toxic element unavailable or fixed in situ. For example reacting the Pb with Phosphorus to form a pyromorphite.
One difficulty is that the characteristics treating for one may make the other more available, Pb and As are one example.