Antimicrobial resistance (AMR) is increasingly recognized as an environmental issue, with wastewater treatment plants (WWTPs) acting both as receptors and potential dispersal points. This study compared a conventional activated sludge (CAS) and a membrane bioreactor (MBR, hollow-fiber, 0.04 µm) operating in parallel at a full-scale municipal WWTP (120,000 population equivalent, Trento, Italy), fed by the same primary-settled wastewater. Over six months, 24-h composite samples were collected at four points (raw influent, primary-settled wastewater, CAS effluent, MBR permeate) and analyzed by qPCR for six targets (16S rRNA, intI-1, qnrS, blaCTX-M, blaKPC, vanA) and by shotgun metagenomics. Primary settling had negligible impact on ARG abundance (0.05 log removal), whereas biological treatment achieved substantial reductions, with the MBR (3.3 logs, up to 4.9) significantly outperforming CAS (1.9 logs). Removal was gene-specific, highest for qnrS and blaCTX-M, and correlated with influent flow rate, mixed-liquor suspended solids, and organic matter. Metagenomics showed that the MBR reduced not only abundance but also the richness and diversity of bacteria and resistance genes, limiting their potential to spread further. These findings support MBR technology as a robust, though not absolute, barrier against AMR dissemination, pointing to the role that quaternary treatment could play in future wastewater management.