This study investigates the physicochemical processes in aqueous solutions treated with a high-current (up to 300 A) pulsed multispark discharge. Pulse length was 2 μs at a 50 Hz repetition rate. The discharge occurred within bubbles of argon injected between the stainless-steel electrodes at the constant flow rate. The erosion of electrode material during the discharge led to iron and other alloy components entering the liquid. Optical emission spectra confirmed the erosion of electrode material (Fe, Cr, Ni atoms and ions). EDTA and its disodium salt were used in order to study their effect on the metal particle formation process. Treatment with deionized water led to an increase in conductivity and the generation of hydrogen peroxide (up to 1200 µM). In contrast, the presence of EDTA and its disodium salt drastically altered the reaction pathways: the H