All this data is potentially out of date, and should be taken with a truckload of salt
The arbitrator is very similar to the Gallente Vexor, but it has a couple minor differences that make it one of the best T1 cruisers in the game. One of those strengths is an extra mid slot. This gives you room to fit a propulsion mod, two tackling mods (web + scram) and the all important capacitor booster. You also have the flexibility to switch one of those out for an ewar mod such as a Tracking Disruptor. The Arbitrator's tracking disruptor bonus gives it the ability to all but shut down the turrets of an opponent. In fleets the arbitrator is a deadly component. The fact it's mainly a drone carrier make it lean towards capacitor neutralization and drain, usually a medium capacitor nosferatu and 3 small energy neutralizers. This makes the arbitrator able to make any frigate and cruiser run out of capacitor power very quickly, making the drained ships completely unable to do anything.
The Yarrbitrator: The Yarrbitrator is a common term for an Arbitrator flown by a pirate, and often solo. Due to the arbitrator's unique strengths, it is one of the few ships that can successfully fly solo.
Below are additional ships images. Click the image below for a larger version: