diff --git a/changelogs/fragments/4933-fix-rax-clb-nodes.yaml b/changelogs/fragments/4933-fix-rax-clb-nodes.yaml
new file mode 100644
index 00000000000..8d8c1f2e40d
--- /dev/null
+++ b/changelogs/fragments/4933-fix-rax-clb-nodes.yaml
@@ -0,0 +1,2 @@
+bugfixes:
+  - rax_clb_nodes - fix code to be compatible with Python 3 (https://github.com/ansible-collections/community.general/pull/4933).
diff --git a/plugins/modules/cloud/rackspace/rax_clb_nodes.py b/plugins/modules/cloud/rackspace/rax_clb_nodes.py
index 4adcc66fb70..6ed57b53a36 100644
--- a/plugins/modules/cloud/rackspace/rax_clb_nodes.py
+++ b/plugins/modules/cloud/rackspace/rax_clb_nodes.py
@@ -252,7 +252,8 @@ def main():
                 'weight': weight,
             }
 
-            for name, value in mutable.items():
+            for name in list(mutable):
+                value = mutable[name]
                 if value is None or value == getattr(node, name):
                     mutable.pop(name)