Bonanza is a city in Sebastian County, Arkansas, United States. It is part of the Fort Smith, Arkansas-Oklahoma Metropolitan Statistical Area. At the 2010 Census, the population of Bonanza was 575. According to the 2018 US Census Bureau estimates, the population of Bonanza was 564. Bonanza began as a coal mining town of the Central Coal and Coke company.

On October 10, 1851, Sebastian County was created from parts of Crawford, Polk, and Scott County Arkansas placing Bonanza within the boundaries. Coal was discovered near the Arkansas-Oklahoma line not quite 12 miles southeast of Fort Smith. The Central Coal and Coke company laid tracks to the Place in 1896 as allowance of the “St. Louis and San Francisco Railway”. Bonanza sprang happening as a company town. Mine #10 did not give good results but Mine #12 soon had 144 workers. Mine #20 employed 185 workers and Mine #26 employed 76 workers. The workers and their families soon reached a sizable number and C.C. Woodson filed a petition to incorporate and on November 26, 1898 the town was chartered.

Around 200 citizens held a meeting as soon as the mean of removing black workers from the town. A fixed was passed “demanding that more or less forty negroes employed by Central Coal and Coke Company leave town.”. On April 30, 1904, there was a gun battle between black and white miners. It was reported that nearly 500 rounds were fired up and the Arkansas Gazette reported upon May 7, “nearly all black residents had left the city.”.

Bonanza is located at 35°14′16″N 94°25′44″W / 35.23778°N 94.42889°W / 35.23778; -94.42889 (35.237676, -94.428892).