This study provides an analysis of Arabic metaphorical and/or metonymical compounds, extracted from a 20,000-word corpus, based on Conceptual Metaphor Theory and Conceptual Blending Theory. The analysis focuses on the semantic transparency of these compounds, on the one hand, and their linguistic creativity, on the other. In line with Benczes (2006, 2010), the study suggests that the comprehension of Arabic metaphorical and/or metonymical compounds is possibly one of degree depending on which element is affected by metaphor and metonymy. Here, it is proposed that there are compounds which are more creative than others. It is argued that in addition to the degree of semantic transparency and linguistic creativity of Arabic metaphorical and/or metonymical compounds, there are other factors that can influence the comprehension of these compounds; namely, the frequency of the compound, the conventionality of the metaphors involved in the compound and whether conceptual metonymy acts on the compound. The study's proposal is supported by the judgments of 12 native-speaker informants, who were asked to provide the meaning of 35 Arabic metaphorical and/or metonymical compounds. The study concludes with recommendations for further research.