diff --git a/doc/source/whatsnew/v2.0.0.rst b/doc/source/whatsnew/v2.0.0.rst
index b22590759ea3f..598dc07da3478 100644
--- a/doc/source/whatsnew/v2.0.0.rst
+++ b/doc/source/whatsnew/v2.0.0.rst
@@ -567,10 +567,12 @@ Other API changes
 
 Deprecations
 ~~~~~~~~~~~~
+- Deprecated allowing array-like values for ``left_on`` or ``right_on`` other than ``np.ndarray``, :class:`ExtensionArray`, :class:`Index`, and :class:`Series` (:issue:`48454`)
 - Deprecated argument ``infer_datetime_format`` in :func:`to_datetime` and :func:`read_csv`, as a strict version of it is now the default (:issue:`48621`)
 - Deprecated :func:`pandas.io.sql.execute`(:issue:`50185`)
 - :meth:`Index.is_integer` has been deprecated. Use :func:`pandas.api.types.is_integer_dtype` instead (:issue:`50042`)
 - :meth:`Index.is_floating` has been deprecated. Use :func:`pandas.api.types.is_float_dtype` instead (:issue:`50042`)
+-
 
 .. ---------------------------------------------------------------------------
 .. _whatsnew_200.prior_deprecations:
diff --git a/pandas/core/reshape/merge.py b/pandas/core/reshape/merge.py
index 8d009d25a66ba..01574df25147d 100644
--- a/pandas/core/reshape/merge.py
+++ b/pandas/core/reshape/merge.py
@@ -1151,6 +1151,22 @@ def _get_merge_keys(
         is_lkey = lambda x: is_array_like(x) and len(x) == len(left)
         is_rkey = lambda x: is_array_like(x) and len(x) == len(right)
 
+        def deprecate_unknown_arraylike(obj) -> None:
+            # The existing code (but not docs) allow for any iterable object
+            #  with a 'dtype' attribute.  In the future, we want to restrict
+            #  to specific array-like types.
+            if is_array_like(obj) and not isinstance(
+                obj, (np.ndarray, ExtensionArray, Index, ABCSeries)
+            ):
+                warnings.warn(
+                    "In a future version, the 'on', 'left_on', and 'right_on' "
+                    "keywords will only allow array-like objects that are one "
+                    "of the following types: "
+                    "numpy.ndarray, ExtensionArray, Index, Series.",
+                    FutureWarning,
+                    stacklevel=find_stack_level(),
+                )
+
         # Note that pd.merge_asof() has separate 'on' and 'by' parameters. A
         # user could, for example, request 'left_index' and 'left_by'. In a
         # regular pd.merge(), users cannot specify both 'left_index' and
@@ -1164,6 +1180,8 @@ def _get_merge_keys(
         # ugh, spaghetti re #733
         if _any(self.left_on) and _any(self.right_on):
             for lk, rk in zip(self.left_on, self.right_on):
+                deprecate_unknown_arraylike(lk)
+                deprecate_unknown_arraylike(rk)
                 if is_lkey(lk):
                     lk = cast(AnyArrayLike, lk)
                     left_keys.append(lk)
@@ -1214,6 +1232,7 @@ def _get_merge_keys(
                         join_names.append(left.index.name)
         elif _any(self.left_on):
             for k in self.left_on:
+                deprecate_unknown_arraylike(k)
                 if is_lkey(k):
                     k = cast(AnyArrayLike, k)
                     left_keys.append(k)
@@ -1235,6 +1254,7 @@ def _get_merge_keys(
                 right_keys = [self.right.index._values]
         elif _any(self.right_on):
             for k in self.right_on:
+                deprecate_unknown_arraylike(k)
                 if is_rkey(k):
                     k = cast(AnyArrayLike, k)
                     right_keys.append(k)
diff --git a/pandas/tests/reshape/merge/test_merge.py b/pandas/tests/reshape/merge/test_merge.py
index fc2069c5d1e42..3abc59dbd46b2 100644
--- a/pandas/tests/reshape/merge/test_merge.py
+++ b/pandas/tests/reshape/merge/test_merge.py
@@ -8,6 +8,8 @@
 import numpy as np
 import pytest
 
+import pandas.util._test_decorators as td
+
 from pandas.core.dtypes.common import (
     is_categorical_dtype,
     is_object_dtype,
@@ -2720,6 +2722,25 @@ def test_merge_different_index_names():
     tm.assert_frame_equal(result, expected)
 
 
+@td.skip_if_no("dask")
+def test_merge_on_arraylike_deprecation():
+    # deprecate allowing non-standard array-likes for "on"
+
+    left = DataFrame({"A": range(3), "B": range(1, 4)})
+    right = DataFrame({"C": range(2, 5)})
+
+    import dask.array
+
+    arr = dask.array.array([0, 1, 2])  # matches left["A"]
+
+    msg = "will only allow array-like objects that are one of the following types"
+    with tm.assert_produces_warning(FutureWarning, match=msg):
+        res = merge(left, right, left_on="A", right_on=arr)
+
+    expected = merge(left, right, left_on="A", right_on=np.array(arr))
+    tm.assert_frame_equal(res, expected)
+
+
 def test_merge_ea(any_numeric_ea_dtype, join_type):
     # GH#44240
     left = DataFrame({"a": [1, 2, 3], "b": 1}, dtype=any_numeric_ea_dtype)