We have investigated trap loss in a dual-species magneto-optical trap (MOT) comprised of 85Rb and metastable 40Ar. We measure the trap loss rate coefficients for each species due to the presence of the other as a function of trap light intensity. We clearly identify both Penning ionization of Rb by Ar* and associative ionization to form the molecular ion RbAr+ as two of the trap loss channels. We have also measured the trap loss rate coefficient for the Ar* MOT alone and observe production of Ar+ and Ar2+ ions