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Carthage is a town in northern Dallas County, Arkansas, located where Arkansas Highways 48 and 229 meet.

Carthage is a railroad town: tracks were laid through northern Dallas County in 1905, the townsite was platted in 1906, and Carthage incorporated on May 3, 1907.

The town was named for Carthage, the prominent ancient city of northern Africa, and local histories credit schoolteacher Thunie Holes with suggesting the name.

A post office was established in Carthage in 1906, the same year the town was platted.

Carthage was formed by the railroad and timber industries, and it still supports a working sawmill in the twenty-first century; Idaho Timber's sawmill, with a capacity of about 60 million board feet per year, has been the town's largest employer.

Carthage's population peaked at 687 in the 1940 census and has declined for decades, falling from 442 in 2000 to 343 in 2010 and 222 in the 2020 census.

The 2000 census counted 442 people living in 159 households in Carthage.

Carthage has long been a majority-Black community — about 81 percent of its residents were Black or African American in the 2020 census — and some of its first residents came from nearby Lea Ridge, a community founded by formerly enslaved people.

The Bank of Carthage building, designed by noted Arkansas architect Charles Thompson and built in 1907, is the oldest structure standing in town and was added to the National Register of Historic Places in 1982.

The Engagement at Jenkins' Ferry, part of the Union's Camden Expedition during the Civil War, was fought a few miles north of present-day Carthage in April 1864.