Arscott joined Exeter from Bristol and 2010, with the 28-year old racking up 52 appearances and scoring six tries for the side since his arrival at Sandy Park.
"He's been a cornerstone of our back division in our time in the Premiership," said Exeter Chiefs boss Rob Baxter to the BBC.
"What we've got to do is maintain his form and knock on again in the next couple of years. He was one of the first guys we brought in when we got promoted."
"It was probably a bit of a difficult position for us to get the right body in for two or three seasons and Luke settling in there strengthened us immediately."
"I'm really pleased with how the recruitment and retention side of things is going.
"There won't be the huge amount of changes next season that I didn't want so that's fantastic for us.
"If we do make three or four acquisitions or changeovers in the market after 1 January that'll probably be the number we'll want to make."
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