Is “Arb” a Scrabble word?

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Yes
ARB
Valid in at least one Scrabble dictionary

Valid in these dictionaries

SOWPODS / CSW
Scrabble UK & International
Valid
TWL / NWL
Scrabble North America
Valid
Large English Dictionary
General English word list
Valid

Meaning of Arb

noun
  1. 1.The act of or potential for arbitrage.

  2. 2.One who engages in arbitrage; an arbitrageur.

  3. 3.An arboretum.

verb
  1. 1.To engage in arbitrage.