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."
Gilbert has released a new line of rugby cleats. The Gilbert Virtuo 8S is part of the exciting new product. Check it out.
The entire All Blacks apparel line has been updated for 2013/14. Check out the New Zealand All Blacks polo.
The Nike Tiempo is a solid rugby cleat and one of few styles still made from full-grain natural leather.
The Gilbert Blitz 8S rugby cleat is a great cleat at a great price of $69.99. Get a new pair of cleats today.
A cool looking all black rugby cleat with the high performance adidas is known for. Get in the Gear!
Wear the crest of the British and Irish Lions on your t-shirt. A great look for the summer.
The All Blacks Performance t-shirt is black with hints of blue from the training jersey. Very Cool.
The New Zealand All Blacks training jersey for 2013/14. Get in the Gear!
The USA Rugby Pro Alternate rugby jersey is perfect for any fan of the Eagles. Get yours to wear during the summer Test matches.
The NEW All Blacks 2013/14 jersey has arrived at World Rugby Shop. Dare to wear the colors of the All Blacks.