We examine the dynamical consequences of homogeneous cosmological magnetic fields in the framework of loop quantum cosmology. We show that a big-bounce occurs in a collapsing magnetized Bianchi I universe, thus extending the known cases of singularity-avoidance. Previous work has shown that perfect fluid Bianchi I universes in loop quantum cosmology avoid the singularity via a bounce. The fluid has zero anisotropic stress, and the shear anisotropy in this case is conserved through the bounce. By contrast, the magnetic field has nonzero anisotropic stress, and shear anisotropy is not conserved through the bounce. After the bounce, the universe enters a classical phase. The addition of a dust fluid does not change these results qualitatively.