The former Coronation Street actor finished in the bottom two alongside cricketer Dominic Cork after viewers' votes were combined with the judges' scores from earlier tonight.
The 36-year-old, who received the lowest total of the week from the panel after missing a training session, failed to convince Jason Gardiner, Emma Bunton and Robin Cousins that he should be spared, as they unanimously voted to keep Cork in the competition.
When making his decision, Gardiner declared, "It's a shame it's not a double eviction," while Cousins insisted that there would be more to come from Cork, but had no such words of encouragement for Arnold.
When asked to sum up his Dancing On Ice experience, the former Weatherfield resident stated: "It's all a blur when you're out there on the ice. I've really enjoyed it, it's just a superb buzz with the audience so I've enjoyed every moment I've been here."
Turning to his professional partner Nina Ulanova, he added: "Do you know what, I'm not a natural skater, but I put my heart and soul into this, and Nina for the last three months has been like a big sister to me."
With Arnold eliminated, show hosts Holly Willoughby and Phillip Schofield teased a mysterious "never before seen" twist to be unveiled next week, which Christopher Dean stated "could change the whole direction of the competition".
Dancing On Ice continues next Sunday at 6.10pm on ITV1.