Improved methods for studying intracellular reactive iron(II) are of significant interest for studies of iron metabolism and disease relevant changes in iron homeostasis. Here we describe a highly-selective reactivity-based probe in which Fenton-type reaction with intracellular labile iron(II) leads to unmasking of the aminonucleoside puromycin. Puromycin leaves a permanent and dose-dependent mark on treated cells that can be detected with high sensitivity and precision using the high-content, plate-based immunofluorescence assay described. Using this new probe and screening approach, we detected alteration of cellular labile iron(II) in response extracellular iron conditioning, overexpression of iron storage and/or export proteins, and post-translational regulation of iron export. Finally, we utilized this new tool to demonstrate the presence of augmented labile iron(II) pools in cancer cells as compared to non-tumorigenic cells.