Biostimulants play an important role in the development of management practices able to reach adequate productivity to meet the food demand of a growing world population, while following a sustainable agriculture model. This work aims to evaluate the effect of a protein hydrolysate derived from legume seeds by enzymatic hydrolysis on plant growth and also to verify its ability to mitigate Fe deficiency, a widespread problem significantly limiting plant growth and crop productivity. Experiments were performed with tomato (Solanum lycopersicum L.—cv. AKRAI F1) and cucumber (Cucumis sativus L.—cv. EKRON F1). The plants were grown hydroponically under adequate or limited Fe supply. Changes in shoot and root fresh weight, leaf relative chlorophyll content and the accumulation of macro- and microelements in shoots and roots were measured. Plant ability to cope with Fe deficiency was measured by evaluating the activity of root Fe3+-chelate reductase. Our results indicate that the foliar treatments with the protein hydrolysate did not significantly affect growth parameters when plants were grown in full nutrient solution. However, the biostimulant was able to improve the growth performance of Fe-deficient plants. Therefore, the protein hydrolysate can be a powerful tool to stimulate crop growth under Fe-deficient environments, leading to reduced fertilizer inputs with related environmental and economic benefits.