Water has attracted plenty of attention as a lubricant for manufacturing due to the fact that it is inexpensive, environmentally friendly, and efficient. Because of their outstanding mechanical capabilities, water dispensability, and range of real applications, graphene oxide (GO) materials have the potential to augment the effectiveness of water lubrication. With this encouragement, we inspect the impact of induced magnetism on the fluid flow near a stagnation point dispended with water-based GO nanoparticles caused by a movable surface with a homogeneous–heterogeneous chemical reaction. The leading equations and their related boundary constraints are first transformed into a non-dimensional form through the utilization of the similarity technique. The consequent equations are then numerically solved by employing the bvp4c scheme. Those figures are used to exemplify the stimulation of the relevant constraints on the fluid flow, induced magnetic profiles, temperature profiles, concentration profiles, heat transfer, and friction factor. It is observed that the nanoparticle’s volume fraction enhances the heat transfer rate, as well as the friction factor. The heat transfer and friction factor escalate by almost 11.71% and 0.96% for the respective upper-branch solutions due to the larger impacts of nanoparticles’ volume fractions, while for the lower-branch solutions, they are augmented at about 21.8% and 0.66%, respectively. In addition, double solutions can be found in the limited values of a movable parameter.