diff --git a/cpp/src/arrow/dataset/file_parquet.cc b/cpp/src/arrow/dataset/file_parquet.cc
index 1f8b6cc4882cf..39df6bfdfc6bf 100644
--- a/cpp/src/arrow/dataset/file_parquet.cc
+++ b/cpp/src/arrow/dataset/file_parquet.cc
@@ -36,6 +36,7 @@
 #include "arrow/util/iterator.h"
 #include "arrow/util/logging.h"
 #include "arrow/util/range.h"
+#include "arrow/util/thread_pool.h"
 #include "arrow/util/tracing_internal.h"
 #include "parquet/arrow/reader.h"
 #include "parquet/arrow/schema.h"
@@ -633,10 +634,15 @@ Result<RecordBatchGenerator> ParquetFileFormat::ScanBatchesAsync(
             kParquetTypeName, options.get(), default_fragment_scan_options));
     int batch_readahead = options->batch_readahead;
     int64_t rows_to_readahead = batch_readahead * options->batch_size;
-    ARROW_ASSIGN_OR_RAISE(auto generator,
-                          reader->GetRecordBatchGenerator(
-                              reader, row_groups, column_projection,
-                              ::arrow::internal::GetCpuThreadPool(), rows_to_readahead));
+    // Modified this to pass the executor in scan_options instead of always using the
+    // default CPU thread pool.
+    // XXX Should we get it from options->fragment_scan_options instead??
+    auto cpu_executor = options->exec_context.executor()
+                            ? options->exec_context.executor()
+                            : ::arrow::internal::GetCpuThreadPool();
+    ARROW_ASSIGN_OR_RAISE(auto generator, reader->GetRecordBatchGenerator(
+                                              reader, row_groups, column_projection,
+                                              cpu_executor, rows_to_readahead));
     RecordBatchGenerator sliced =
         SlicingGenerator(std::move(generator), options->batch_size);
     if (batch_readahead == 0) {
diff --git a/cpp/src/arrow/dataset/file_parquet_test.cc b/cpp/src/arrow/dataset/file_parquet_test.cc
index bf626826d4d1b..94be9cb7969d0 100644
--- a/cpp/src/arrow/dataset/file_parquet_test.cc
+++ b/cpp/src/arrow/dataset/file_parquet_test.cc
@@ -22,6 +22,7 @@
 #include <utility>
 #include <vector>
 
+#include "arrow/acero/exec_plan.h"
 #include "arrow/compute/api_scalar.h"
 #include "arrow/dataset/dataset_internal.h"
 #include "arrow/dataset/parquet_encryption_config.h"
@@ -910,5 +911,53 @@ TEST_F(TestParquetFileFormat, MultithreadedScanRegression) {
   }
 }
 
+TEST_F(TestParquetFileFormat, MultithreadedComputeRegression) {
+  // GH-43694: Test similar situation as MultithreadedScanRegression but with
+  // the exec context instead
+
+  auto reader = MakeGeneratedRecordBatch(schema({field("utf8", utf8())}), 10000, 100);
+  ASSERT_OK_AND_ASSIGN(auto buffer, ParquetFormatHelper::Write(reader.get()));
+
+  std::vector<Future<>> completes;
+  std::vector<std::shared_ptr<arrow::internal::ThreadPool>> pools;
+
+  for (int idx = 0; idx < 2; ++idx) {
+    auto buffer_reader = std::make_shared<DelayedBufferReader>(buffer);
+    auto source = std::make_shared<FileSource>(buffer_reader, buffer->size());
+    auto fragment = MakeFragment(*source);
+    std::shared_ptr<Scanner> scanner;
+
+    {
+      auto options = std::make_shared<ScanOptions>();
+      ASSERT_OK_AND_ASSIGN(auto thread_pool, arrow::internal::ThreadPool::Make(1));
+      pools.emplace_back(thread_pool);
+      options->exec_context =
+          ::arrow::ExecContext(::arrow::default_memory_pool(), pools.back().get());
+      auto fragment_scan_options = std::make_shared<ParquetFragmentScanOptions>();
+      fragment_scan_options->arrow_reader_properties->set_pre_buffer(true);
+
+      options->fragment_scan_options = fragment_scan_options;
+      ScannerBuilder builder(ArithmeticDatasetFixture::schema(), fragment, options);
+
+      ASSERT_OK(builder.UseThreads(true));
+      ASSERT_OK(builder.BatchSize(10000));
+      ASSERT_OK_AND_ASSIGN(scanner, builder.Finish());
+    }
+
+    ASSERT_OK_AND_ASSIGN(auto batch, scanner->Head(10000));
+    [[maybe_unused]] auto fut = scanner->ScanBatchesUnorderedAsync();
+    // Random ReadAsync calls, generate some futures to make the state machine
+    // more complex.
+    for (int yy = 0; yy < 16; yy++) {
+      completes.emplace_back(buffer_reader->ReadAsync(::arrow::io::IOContext(), 0, 1001));
+    }
+    scanner = nullptr;
+  }
+
+  for (auto& f : completes) {
+    f.Wait();
+  }
+}
+
 }  // namespace dataset
 }  // namespace arrow
diff --git a/cpp/src/arrow/dataset/scanner.cc b/cpp/src/arrow/dataset/scanner.cc
index a856a792a264f..5c10dfc6ac5fb 100644
--- a/cpp/src/arrow/dataset/scanner.cc
+++ b/cpp/src/arrow/dataset/scanner.cc
@@ -355,8 +355,10 @@ class OneShotFragment : public Fragment {
     ARROW_ASSIGN_OR_RAISE(
         auto background_gen,
         MakeBackgroundGenerator(std::move(batch_it_), options->io_context.executor()));
-    return MakeTransferredGenerator(std::move(background_gen),
-                                    ::arrow::internal::GetCpuThreadPool());
+    auto cpu_executor = options->exec_context.executor()
+                            ? options->exec_context.executor()
+                            : ::arrow::internal::GetCpuThreadPool();
+    return MakeTransferredGenerator(std::move(background_gen), cpu_executor);
   }
   std::string type_name() const override { return "one-shot"; }
 
@@ -382,7 +384,7 @@ Result<TaggedRecordBatchIterator> AsyncScanner::ScanBatches() {
       [this](::arrow::internal::Executor* executor) {
         return ScanBatchesAsync(executor);
       },
-      scan_options_->use_threads);
+      scan_options_->use_threads, this->async_cpu_executor());
 }
 
 Result<EnumeratedRecordBatchIterator> AsyncScanner::ScanBatchesUnordered() {
@@ -390,7 +392,7 @@ Result<EnumeratedRecordBatchIterator> AsyncScanner::ScanBatchesUnordered() {
       [this](::arrow::internal::Executor* executor) {
         return ScanBatchesUnorderedAsync(executor);
       },
-      scan_options_->use_threads);
+      scan_options_->use_threads, this->async_cpu_executor());
 }
 
 Result<std::shared_ptr<Table>> AsyncScanner::ToTable() {
@@ -400,7 +402,7 @@ Result<std::shared_ptr<Table>> AsyncScanner::ToTable() {
 }
 
 Result<EnumeratedRecordBatchGenerator> AsyncScanner::ScanBatchesUnorderedAsync() {
-  return ScanBatchesUnorderedAsync(::arrow::internal::GetCpuThreadPool(),
+  return ScanBatchesUnorderedAsync(this->async_cpu_executor(),
                                    /*sequence_fragments=*/false);
 }
 
@@ -601,7 +603,7 @@ Result<std::shared_ptr<Table>> AsyncScanner::Head(int64_t num_rows) {
 }
 
 Result<TaggedRecordBatchGenerator> AsyncScanner::ScanBatchesAsync() {
-  return ScanBatchesAsync(::arrow::internal::GetCpuThreadPool());
+  return ScanBatchesAsync(this->async_cpu_executor());
 }
 
 Result<TaggedRecordBatchGenerator> AsyncScanner::ScanBatchesAsync(
@@ -778,7 +780,7 @@ Future<int64_t> AsyncScanner::CountRowsAsync(Executor* executor) {
 }
 
 Future<int64_t> AsyncScanner::CountRowsAsync() {
-  return CountRowsAsync(::arrow::internal::GetCpuThreadPool());
+  return CountRowsAsync(this->async_cpu_executor());
 }
 
 Result<int64_t> AsyncScanner::CountRows() {
diff --git a/cpp/src/arrow/dataset/scanner.h b/cpp/src/arrow/dataset/scanner.h
index d2de267897180..1c605c1bf21f6 100644
--- a/cpp/src/arrow/dataset/scanner.h
+++ b/cpp/src/arrow/dataset/scanner.h
@@ -107,6 +107,11 @@ struct ARROW_DS_EXPORT ScanOptions {
   /// Note: The IOContext executor will be ignored if use_threads is set to false
   io::IOContext io_context;
 
+  /// ExecContext for any CPU tasks
+  ///
+  /// Note: The ExecContext executor will be ignored if use_threads is set to false
+  compute::ExecContext exec_context;
+
   /// If true the scanner will scan in parallel
   ///
   /// Note: If true, this will use threads from both the cpu_executor and the
@@ -442,6 +447,11 @@ class ARROW_DS_EXPORT Scanner {
       TaggedRecordBatchIterator scan);
 
   const std::shared_ptr<ScanOptions> scan_options_;
+
+  ::arrow::internal::Executor* async_cpu_executor() const {
+    return scan_options_->exec_context.executor() ? scan_options_->exec_context.executor()
+                                                  : ::arrow::internal::GetCpuThreadPool();
+  }
 };
 
 /// \brief ScannerBuilder is a factory class to construct a Scanner. It is used
diff --git a/cpp/src/arrow/util/thread_pool.h b/cpp/src/arrow/util/thread_pool.h
index 44b1e227b0e5f..0d3babd38ed20 100644
--- a/cpp/src/arrow/util/thread_pool.h
+++ b/cpp/src/arrow/util/thread_pool.h
@@ -591,6 +591,21 @@ typename Fut::SyncType RunSynchronously(FnOnce<Fut(Executor*)> get_future,
   }
 }
 
+template <typename T>
+Iterator<T> IterateSynchronously(
+    FnOnce<Result<std::function<Future<T>()>>(Executor*)> get_gen, bool use_threads,
+    Executor* executor) {
+  if (use_threads) {
+    auto maybe_gen = std::move(get_gen)(executor);
+    if (!maybe_gen.ok()) {
+      return MakeErrorIterator<T>(maybe_gen.status());
+    }
+    return MakeGeneratorIterator(*maybe_gen);
+  } else {
+    return SerialExecutor::IterateGenerator(std::move(get_gen));
+  }
+}
+
 /// \brief Potentially iterate an async generator serially (if use_threads is false)
 /// \see IterateGenerator
 ///
@@ -605,15 +620,7 @@ typename Fut::SyncType RunSynchronously(FnOnce<Fut(Executor*)> get_future,
 template <typename T>
 Iterator<T> IterateSynchronously(
     FnOnce<Result<std::function<Future<T>()>>(Executor*)> get_gen, bool use_threads) {
-  if (use_threads) {
-    auto maybe_gen = std::move(get_gen)(GetCpuThreadPool());
-    if (!maybe_gen.ok()) {
-      return MakeErrorIterator<T>(maybe_gen.status());
-    }
-    return MakeGeneratorIterator(*maybe_gen);
-  } else {
-    return SerialExecutor::IterateGenerator(std::move(get_gen));
-  }
+  return IterateSynchronously(std::move(get_gen), use_threads, GetCpuThreadPool());
 }
 
 }  // namespace internal