diff --git a/arrow-ipc/Cargo.toml b/arrow-ipc/Cargo.toml
index e3205e7a8153..a76a8b88f48b 100644
--- a/arrow-ipc/Cargo.toml
+++ b/arrow-ipc/Cargo.toml
@@ -45,7 +45,7 @@ arrow-data = { version = "27.0.0", path = "../arrow-data" }
 arrow-schema = { version = "27.0.0", path = "../arrow-schema" }
 flatbuffers = { version = "22.9.2", default-features = false, features = ["thiserror"] }
 lz4 = { version = "1.23", default-features = false, optional = true }
-zstd = { version = "0.11.1", default-features = false, optional = true }
+zstd = { version = "0.12.3", default-features = false, optional = true }
 
 [dev-dependencies]
 tempfile = "3.3"
diff --git a/parquet/Cargo.toml b/parquet/Cargo.toml
index 7a150c94963d..5be21df6bce1 100644
--- a/parquet/Cargo.toml
+++ b/parquet/Cargo.toml
@@ -46,7 +46,7 @@ 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 = "0.4.23", default-features = false, features = ["alloc"] }
 num = { version = "0.4", default-features = false }
 num-bigint = { version = "0.4", default-features = false }
@@ -68,7 +68,7 @@ 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 = "27.0.0", default-features = false, features = ["ipc", "test_utils", "prettyprint", "json"] }
 tokio = { version = "1.0", default-features = false, features = ["macros", "rt", "io-util", "fs"] }