*

Recently, the transition metal dipnictide family with a monoclinic crystal structure is predicted as a potential candidate for supporting this compensated Dirac like electronic structure. Here we report an angle-resolved photoemission spectroscopy (ARPES) study of ZrAs₂, a transition metal dipnictide with an orthorhombic crystal structure exhibiting large MR properties and nearly electron-hole compensation mechanisms. Our studies reveal multiple Fermi surface pockets such as the 6-fold petal-like Fermi pockets around the center (Γ point) and ellipsoidal shaped Fermi pockets at the corner (X point) of the Brillouin zone (BZ). Interestingly, Dirac like linearly dispersive states are observed at the zone corner of the BZ. Moreover, our magnetoresistance measurements and the occupied Fermi surface area calculations reveal the nearly compensated semimetallic characteristics of ZrAs₂. Our findings suggest that type 12 system ZrAs₂, with an orthorhombic crystal structure, is a new platform for unveiling interesting physics beyond Weyl semimetal and topological insulator systems.