Voluminous silicic magmatism was coeval with iron ore mineralization in the St. Francois Mountains terrane in southeast Missouri, part of the broader Mesoproterozoic Granite-Rhyolite province along the eastern margin of Laurentia. Some of the iron deposits contain extraordinary endowments of critical elements, such as the Pea Ridge iron oxide-apatite (IOA) deposit, which has an average grade of ~12 wt% rare earth oxides in breccia pipes that flank the ore body. To assess the role of silicic magmatism in the genesis of the Pea Ridge deposit, we present a high-spatial resolution study of zirconhosted melt inclusions from rhyolitic ash-flow tuffs. Melt inclusion data are combined with textural, geochemical, and geochronological analyses of zircon hosts to elucidate the magmatic-hydrothermal evolution of the Pea Ridge system. Two contemporaneous silicic igneous centers in the St. Francois Mountains terrane, Bourbon and Eminence, were studied for comparison. Pea Ridge melt inclusions are trachydacitic to rhyolitic (~63-79 wt% SiO2, ~5.6-11.7 wt% Na2O+K2O) with very high Cl in the least-evolved and most alkaline melt inclusions (~2,000-5,000 ppm Cl). Rare earth elements (REE) in melt inclusions have identical chondrite-normalized patterns to the mineralized breccia pipes, but with systematically lower absolute concentrations. Haplogranite ternary pressures range from ~0.5-10 kbar, with an average of ~2-3 kbar (7-12 km depth), and liquidus temperatures are ~850-950 °C, with an average of ~920 °C. Silicate and phosphate mineral inclusions have compositions that overlap minerals from the iron ore body and breccia pipes, recording a transition from igneous to hydrothermal zircon growth. Igneous iron oxide inclusions have compositions that indicate Pea Ridge magmas were reduced to moderately oxidized (log fO2 of -0.8 to -1.84 NNO). Zircons from two Pea Ridge samples have 207Pb/206Pb concordia ages of 1456 ± 9 Ma and 1467 ± 13 Ma that overlap published ages for the breccia pipes and iron ore zones of the Pea Ridge deposit. A population of texturally and chemically disrupted zircons have discordant domains that correspond to high Fe, U, and REE concentrations, consistent with the unique geochemical attributes of the IOA-REE ore body. Inherited cores in Pea Ridge and Bourbon zircons have concordant 207Pb/206Pb dates of 1550-1618 Ma, providing direct evidence of cratonic basement beneath these centers. Oxygen isotope data for inherited and autocrystic igneous zircons span from mantle to crustal values (18Ozircon=5.5-7.9‰). Our data are consistent with a model in which metasomatized mantle components were mixed with cratonic and accreted crustal material in a back-arc or rifted segment of a volcanic arc, with ore fluids derived from Cl-rich melts to transport Fe and REE in a long-lived (tens of Myr), pulsed, magmatic-hydrothermal system. Bourbon, which also possesses IOA mineralization, shares key petrologic similarities with the Pea Ridge system, whereas Eminence, which is not mineralized, has disparate geochemical and isotopic signatures that indicate it formed in a different crustal setting. The location of Pea Ridge and Bourbon along a cratonic margin may have been important in focusing silicic melts and mineralization in the upper crust, serving as a guide for future exploration efforts.