diff --git a/src/audio/CMakeLists.txt b/src/audio/CMakeLists.txt
index 52d41aa6..80532542 100644
--- a/src/audio/CMakeLists.txt
+++ b/src/audio/CMakeLists.txt
@@ -4,6 +4,6 @@ idf_component_register(
   "audio_playback.cpp" "audio_element_handle.cpp" "stream_event.cpp"
   "audio_element.cpp"
   INCLUDE_DIRS "include"
-  REQUIRES "codecs" "drivers" "cbor" "result" "tasks" "span")
+  REQUIRES "codecs" "drivers" "cbor" "result" "tasks" "span" "memory")
 
 target_compile_options(${COMPONENT_LIB} PRIVATE ${EXTRA_WARNINGS})
diff --git a/src/audio/audio_decoder.cpp b/src/audio/audio_decoder.cpp
index 97f45534..07e05653 100644
--- a/src/audio/audio_decoder.cpp
+++ b/src/audio/audio_decoder.cpp
@@ -21,10 +21,12 @@ namespace audio {
 
 static const char* kTag = "DEC";
 
-static const std::size_t kSamplesPerChunk = 1024;
+static const std::size_t kChunkSize = 1024;
+static const std::size_t kReadahead = 8;
 
 AudioDecoder::AudioDecoder()
     : IAudioElement(),
+      arena_(kChunkSize, kReadahead, MALLOC_CAP_SPIRAM),
       stream_info_({}),
       has_samples_to_send_(false),
       needs_more_input_(true) {}
@@ -104,23 +106,25 @@ auto AudioDecoder::Process() -> cpp::result<void, AudioProcessingError> {
         stream_info_->bits_per_sample = format.bits_per_sample;
         stream_info_->sample_rate = format.sample_rate_hz;
         stream_info_->channels = format.num_channels;
-
-        chunk_size_ = kSamplesPerChunk * (*stream_info_->bits_per_sample);
-        stream_info_->chunk_size = chunk_size_;
-        ESP_LOGI(kTag, "pcm stream chunk size: %u bytes", chunk_size_);
+        stream_info_->chunk_size = kChunkSize;
 
         auto event =
             StreamEvent::CreateStreamInfo(input_events_, *stream_info_);
         SendOrBufferEvent(std::unique_ptr<StreamEvent>(event));
       }
 
-      auto chunk = std::unique_ptr<StreamEvent>(
-          StreamEvent::CreateChunkData(input_events_, chunk_size_));
+      auto block = arena_.Acquire();
+      if (!block) {
+        return {};
+      }
+
       auto write_res =
-          current_codec_->WriteOutputSamples(chunk->chunk_data.bytes);
-      chunk->chunk_data.bytes = chunk->chunk_data.bytes.first(write_res.first);
+          current_codec_->WriteOutputSamples({block->start, block->size});
+      block->used_size = write_res.first;
       has_samples_to_send_ = !write_res.second;
 
+      auto chunk = std::unique_ptr<StreamEvent>(
+          StreamEvent::CreateArenaChunk(input_events_, *block));
       if (!SendOrBufferEvent(std::move(chunk))) {
         return {};
       }
diff --git a/src/audio/audio_element.cpp b/src/audio/audio_element.cpp
index 70a59a51..6b04b892 100644
--- a/src/audio/audio_element.cpp
+++ b/src/audio/audio_element.cpp
@@ -28,7 +28,7 @@ IAudioElement::~IAudioElement() {
 
 auto IAudioElement::SendOrBufferEvent(std::unique_ptr<StreamEvent> event)
     -> bool {
-  if (event->tag == StreamEvent::CHUNK_DATA) {
+  if (event->tag == StreamEvent::ARENA_CHUNK) {
     unprocessed_output_chunks_++;
   }
   if (!buffered_output_.empty()) {
diff --git a/src/audio/audio_task.cpp b/src/audio/audio_task.cpp
index 14f3462d..7c91b8cc 100644
--- a/src/audio/audio_task.cpp
+++ b/src/audio/audio_task.cpp
@@ -6,6 +6,7 @@
 #include <deque>
 #include <memory>
 
+#include "arena.hpp"
 #include "audio_element_handle.hpp"
 #include "cbor.h"
 #include "esp_heap_caps.h"
@@ -96,7 +97,7 @@ void AudioTaskMain(void* args) {
         } else if (new_event->tag == StreamEvent::LOG_STATUS) {
           element->ProcessLogStatus();
           if (element->OutputEventQueue() != nullptr) {
-          xQueueSendToFront(element->OutputEventQueue(), &new_event, 0);
+            xQueueSendToFront(element->OutputEventQueue(), &new_event, 0);
           } else {
             delete new_event;
           }
@@ -150,8 +151,9 @@ void AudioTaskMain(void* args) {
             // TODO(jacqueline)
             ESP_LOGE(kTag, "failed to process stream info");
           }
-        } else if (event->tag == StreamEvent::CHUNK_DATA) {
-          ESP_LOGD(kTag, "processing chunk data");
+        } else if (event->tag == StreamEvent::ARENA_CHUNK) {
+          ESP_LOGD(kTag, "processing arena data");
+          memory::ArenaRef ref(event->arena_chunk);
           auto callback =
               StreamEvent::CreateChunkNotification(element->InputEventQueue());
           if (!xQueueSend(event->source, &callback, 0)) {
@@ -159,8 +161,10 @@ void AudioTaskMain(void* args) {
             continue;
           }
 
+          // TODO(jacqueline): Consider giving the element a full ArenaRef here,
+          // so that it can hang on to it and potentially save an alloc+copy.
           auto process_chunk_res =
-              element->ProcessChunk(event->chunk_data.bytes);
+              element->ProcessChunk({ref.ptr.start, ref.ptr.used_size});
           if (process_chunk_res.has_error()) {
             // TODO(jacqueline)
             ESP_LOGE(kTag, "failed to process chunk");
diff --git a/src/audio/fatfs_audio_input.cpp b/src/audio/fatfs_audio_input.cpp
index fd1c1f3a..829064d8 100644
--- a/src/audio/fatfs_audio_input.cpp
+++ b/src/audio/fatfs_audio_input.cpp
@@ -5,6 +5,7 @@
 #include <memory>
 #include <string>
 
+#include "arena.hpp"
 #include "esp_heap_caps.h"
 #include "freertos/portmacro.h"
 
@@ -19,11 +20,12 @@ static const char* kTag = "SRC";
 
 namespace audio {
 
-// 32KiB to match the minimum himen region size.
 static const std::size_t kChunkSize = 24 * 1024;
+static const std::size_t kChunkReadahead = 2;
 
 FatfsAudioInput::FatfsAudioInput(std::shared_ptr<drivers::SdStorage> storage)
     : IAudioElement(),
+      arena_(kChunkSize, kChunkReadahead, MALLOC_CAP_SPIRAM),
       storage_(storage),
       current_file_(),
       is_file_open_(false) {}
@@ -80,25 +82,28 @@ auto FatfsAudioInput::ProcessEndOfStream() -> void {
 
 auto FatfsAudioInput::Process() -> cpp::result<void, AudioProcessingError> {
   if (is_file_open_) {
-    auto dest_event = std::unique_ptr<StreamEvent>(
-        StreamEvent::CreateChunkData(input_events_, kChunkSize));
-    UINT bytes_read = 0;
+    auto dest_block = memory::ArenaRef::Acquire(&arena_);
+    if (!dest_block) {
+      return {};
+    }
 
-    FRESULT result = f_read(&current_file_, dest_event->chunk_data.raw_bytes,
-                            kChunkSize, &bytes_read);
+    FRESULT result = f_read(&current_file_, dest_block->ptr.start,
+                            dest_block->ptr.size, &dest_block->ptr.used_size);
     if (result != FR_OK) {
       ESP_LOGE(kTag, "file I/O error %d", result);
       return cpp::fail(IO_ERROR);
     }
 
-    dest_event->chunk_data.bytes =
-        dest_event->chunk_data.bytes.first(bytes_read);
-    SendOrBufferEvent(std::move(dest_event));
-
-    if (bytes_read < kChunkSize || f_eof(&current_file_)) {
+    if (dest_block->ptr.used_size < dest_block->ptr.size ||
+        f_eof(&current_file_)) {
       f_close(&current_file_);
       is_file_open_ = false;
     }
+
+    auto dest_event = std::unique_ptr<StreamEvent>(
+        StreamEvent::CreateArenaChunk(input_events_, dest_block->Release()));
+
+    SendOrBufferEvent(std::move(dest_event));
   }
   return {};
 }
diff --git a/src/audio/include/audio_decoder.hpp b/src/audio/include/audio_decoder.hpp
index aa83825f..9cc40162 100644
--- a/src/audio/include/audio_decoder.hpp
+++ b/src/audio/include/audio_decoder.hpp
@@ -44,6 +44,7 @@ class AudioDecoder : public IAudioElement {
   AudioDecoder& operator=(const AudioDecoder&) = delete;
 
  private:
+  memory::Arena arena_;
   std::unique_ptr<codecs::ICodec> current_codec_;
   std::optional<StreamInfo> stream_info_;
   std::optional<ChunkReader> chunk_reader_;
diff --git a/src/audio/include/fatfs_audio_input.hpp b/src/audio/include/fatfs_audio_input.hpp
index 883441c2..06b0b7ea 100644
--- a/src/audio/include/fatfs_audio_input.hpp
+++ b/src/audio/include/fatfs_audio_input.hpp
@@ -4,6 +4,7 @@
 #include <memory>
 #include <string>
 
+#include "arena.hpp"
 #include "chunk.hpp"
 #include "freertos/FreeRTOS.h"
 
@@ -35,6 +36,7 @@ class FatfsAudioInput : public IAudioElement {
   FatfsAudioInput& operator=(const FatfsAudioInput&) = delete;
 
  private:
+  memory::Arena arena_;
   std::shared_ptr<drivers::SdStorage> storage_;
 
   FIL current_file_;
diff --git a/src/audio/include/stream_event.hpp b/src/audio/include/stream_event.hpp
index d42de411..6d270e9d 100644
--- a/src/audio/include/stream_event.hpp
+++ b/src/audio/include/stream_event.hpp
@@ -2,6 +2,7 @@
 
 #include <memory>
 
+#include "arena.hpp"
 #include "freertos/FreeRTOS.h"
 #include "freertos/queue.h"
 
@@ -13,7 +14,7 @@ namespace audio {
 struct StreamEvent {
   static auto CreateStreamInfo(QueueHandle_t source, const StreamInfo& payload)
       -> StreamEvent*;
-  static auto CreateChunkData(QueueHandle_t source, std::size_t chunk_size)
+  static auto CreateArenaChunk(QueueHandle_t source, memory::ArenaPtr ptr)
       -> StreamEvent*;
   static auto CreateChunkNotification(QueueHandle_t source) -> StreamEvent*;
   static auto CreateEndOfStream(QueueHandle_t source) -> StreamEvent*;
@@ -28,7 +29,7 @@ struct StreamEvent {
   enum {
     UNINITIALISED,
     STREAM_INFO,
-    CHUNK_DATA,
+    ARENA_CHUNK,
     CHUNK_NOTIFICATION,
     END_OF_STREAM,
     LOG_STATUS,
@@ -37,10 +38,7 @@ struct StreamEvent {
   union {
     StreamInfo* stream_info;
 
-    struct {
-      std::byte* raw_bytes;
-      cpp::span<std::byte> bytes;
-    } chunk_data;
+    memory::ArenaPtr arena_chunk;
 
     // FIXME: It would be nice to also support a pointer to himem data here, to
     // save a little ordinary heap space.
diff --git a/src/audio/stream_event.cpp b/src/audio/stream_event.cpp
index af470584..e08f26da 100644
--- a/src/audio/stream_event.cpp
+++ b/src/audio/stream_event.cpp
@@ -1,6 +1,7 @@
 #include "stream_event.hpp"
 #include <cstddef>
 #include <memory>
+#include "arena.hpp"
 #include "stream_info.hpp"
 
 namespace audio {
@@ -14,17 +15,12 @@ auto StreamEvent::CreateStreamInfo(QueueHandle_t source,
   return event;
 }
 
-auto StreamEvent::CreateChunkData(QueueHandle_t source, std::size_t chunk_size)
+auto StreamEvent::CreateArenaChunk(QueueHandle_t source, memory::ArenaPtr ptr)
     -> StreamEvent* {
   auto event = new StreamEvent;
-  event->tag = StreamEvent::CHUNK_DATA;
+  event->tag = StreamEvent::ARENA_CHUNK;
   event->source = source;
-
-  auto raw_bytes =
-      static_cast<std::byte*>(heap_caps_malloc(chunk_size, MALLOC_CAP_SPIRAM));
-
-  event->chunk_data.raw_bytes = raw_bytes;
-  event->chunk_data.bytes = cpp::span<std::byte>(raw_bytes, chunk_size);
+  event->arena_chunk = ptr;
 
   return event;
 }
@@ -59,8 +55,8 @@ StreamEvent::~StreamEvent() {
     case STREAM_INFO:
       delete stream_info;
       break;
-    case CHUNK_DATA:
-      free(chunk_data.raw_bytes);
+    case ARENA_CHUNK:
+      arena_chunk.owner->Return(arena_chunk);
       break;
     case CHUNK_NOTIFICATION:
       break;
@@ -81,9 +77,10 @@ StreamEvent::StreamEvent(StreamEvent&& other) {
       stream_info = other.stream_info;
       other.stream_info = nullptr;
       break;
-    case CHUNK_DATA:
-      chunk_data = other.chunk_data;
-      other.chunk_data = {};
+    case ARENA_CHUNK:
+      arena_chunk = other.arena_chunk;
+      other.arena_chunk = {
+          .owner = nullptr, .start = nullptr, .size = 0, .used_size = 0};
       break;
     case CHUNK_NOTIFICATION:
       break;
diff --git a/src/memory/CMakeLists.txt b/src/memory/CMakeLists.txt
new file mode 100644
index 00000000..67e64267
--- /dev/null
+++ b/src/memory/CMakeLists.txt
@@ -0,0 +1,2 @@
+idf_component_register(SRCS "arena.cpp" INCLUDE_DIRS "include" REQUIRES "span")
+target_compile_options(${COMPONENT_LIB} PRIVATE ${EXTRA_WARNINGS})
diff --git a/src/memory/arena.cpp b/src/memory/arena.cpp
new file mode 100644
index 00000000..450ac4f2
--- /dev/null
+++ b/src/memory/arena.cpp
@@ -0,0 +1,75 @@
+#include "arena.hpp"
+
+#include <cstdint>
+#include <optional>
+
+#include "esp_heap_caps.h"
+#include "freertos/queue.h"
+#include "span.hpp"
+
+namespace memory {
+
+Arena::Arena(std::size_t block_size,
+             std::size_t num_blocks,
+             uint32_t alloc_flags)
+    : block_size_(block_size) {
+  pool_ = static_cast<std::byte*>(
+      heap_caps_malloc(block_size * num_blocks, alloc_flags));
+  free_blocks_ = xQueueCreate(num_blocks, sizeof(void*));
+  for (int i = 0; i < num_blocks; i++) {
+    std::byte* block = pool_ + (i * block_size);
+    xQueueSend(free_blocks_, &block, 0);
+  }
+}
+
+Arena::~Arena() {
+  // TODO: assert queue is full?
+  vQueueDelete(free_blocks_);
+  free(pool_);
+}
+
+auto Arena::Acquire() -> std::optional<ArenaPtr> {
+  std::byte* block;
+  bool result = xQueueReceive(free_blocks_, &block, 0);
+  if (result) {
+    ArenaPtr ptr{this, block, block_size_, 0};
+    return ptr;
+  } else {
+    return {};
+  }
+}
+
+auto Arena::Return(ArenaPtr ptr) -> void {
+  assert(ptr.owner == this);
+  xQueueSend(free_blocks_, &ptr.start, 0);
+}
+
+auto ArenaRef::Acquire(Arena* a) -> std::optional<ArenaRef> {
+  auto ptr = a->Acquire();
+  if (ptr) {
+    ArenaRef ref{*ptr};
+    return ref;
+  }
+  return {};
+}
+
+ArenaRef::ArenaRef(ArenaPtr p) : ptr(p) {}
+
+ArenaRef::ArenaRef(ArenaRef&& other) : ptr(other.Release()) {}
+
+auto ArenaRef::Release() -> ArenaPtr {
+  auto ret = ptr;
+  ptr.owner = nullptr;
+  ptr.start = nullptr;
+  ptr.size = 0;
+  ptr.used_size = 0;
+  return ret;
+}
+
+ArenaRef::~ArenaRef() {
+  if (ptr.owner != nullptr) {
+    ptr.owner->Return(ptr);
+  }
+}
+
+}  // namespace memory
diff --git a/src/memory/include/arena.hpp b/src/memory/include/arena.hpp
new file mode 100644
index 00000000..26d49d27
--- /dev/null
+++ b/src/memory/include/arena.hpp
@@ -0,0 +1,85 @@
+#pragma once
+
+#include <cstdint>
+#include <optional>
+#include <utility>
+
+#include "freertos/FreeRTOS.h"
+#include "freertos/queue.h"
+#include "span.hpp"
+#include "sys/_stdint.h"
+
+namespace memory {
+
+class Arena;
+
+/*
+ * A pointer to data that has been given out by an Arena, plus extra accounting
+ * information so that it can be returned properly.
+ */
+struct ArenaPtr {
+  Arena* owner;
+  std::byte* start;
+  std::size_t size;
+  // A convenience for keeping track of the subset of the block that has had
+  // data placed within it.
+  std::size_t used_size;
+};
+
+/*
+ * A basic memory arena. This class mediates access to fixed-size blocks of
+ * memory within a larger contiguous block. This is faster than re-allocating
+ * smaller blocks every time they're needed, and lets us easily limit the
+ * maximum size of the memory used.
+ *
+ * A single arena instance is safe to be used concurrently by multiple tasks,
+ * however there is no built in synchronisation of the underlying memory.
+ */
+class Arena {
+ public:
+  Arena(std::size_t block_size, std::size_t num_blocks, uint32_t alloc_flags);
+  ~Arena();
+
+  /*
+   * Attempts to receive an allocation from this arena. Returns absent if
+   * there are no blocks left.
+   */
+  auto Acquire() -> std::optional<ArenaPtr>;
+
+  /* Returns a previously allocated block to this arena. */
+  auto Return(ArenaPtr) -> void;
+
+  /* Returns the number of blocks that are currently free. */
+  auto BlocksFree() -> std::size_t;
+
+  Arena(const Arena&) = delete;
+  Arena& operator=(const Arena&) = delete;
+
+ private:
+  std::size_t block_size_;
+  // The large memory allocation that is divided into blocks.
+  std::byte* pool_;
+  // A FreeRTOS queue containing the blocks that are currently unused.
+  QueueHandle_t free_blocks_;
+};
+
+/*
+ * Wrapper around an ArenaPtr that handles acquiring and returning the block
+ * through RAII.
+ */
+class ArenaRef {
+ public:
+  static auto Acquire(Arena* a) -> std::optional<ArenaRef>;
+  explicit ArenaRef(ArenaPtr ptr);
+  ~ArenaRef();
+
+  auto Release() -> ArenaPtr;
+
+  ArenaRef(ArenaRef&&);
+  ArenaRef(const ArenaRef&) = delete;
+  Arena& operator=(const Arena&) = delete;
+
+  ArenaPtr ptr;
+};
+
+}  // namespace memory