Arnarstapi was an important trading post in the past and had a much bigger population than it has now.
Columnar basalt, ravines and grottoes surround the Arnarstapi pier. There is good anchorage for small boats.
There is quite a large arctic tern colony in the village itself. A walk along the coastline is recommended to watch the birds and the magnificent lava formations. The seaside and the cliffs between Arnastapi and Hellnar have been made a Natural Reserve in 1979.
A very interesting old path follows the coastline where you can see old lending places of fishermen, lots of birds like the kittiwake, the Arctic tern and the fulmar and pass through a lavafield. If you take a guided tour, you will also hear a ghost story.
A sculpture of Bardur Snaefellsas by Ragnar Kjartansson stands by the beach at Arnarstapi.