A combined study of the surface nanostructure and electrical characteristics of iron thin films prepared on naturally passivated silicon wafers is presented. By means of conductive-scanning force microscopy, the influence of the substrate temperature during film preparation on both surface morphology and conductivity response is investigated. In addition, magnetic properties of these films are reported and correlated with the nanostructural properties. Films prepared at 200 K show granular core-shell magnetic behaviour exhibiting exchange bias. Both conductive and magnetic data indicate that samples prepared at low temperature behave as a percolated network of nanometric metallic iron clusters (with typical sizes of 20 nm) interconnected by oxidized chains (of 10 nm in diameter), showing an excellent system for nanotechnological exchange bias applications.