The townsite came about at the junction of local trading routes. A post office was established at the townsite in 1902, with William G. Brown as the postmaster. Brown is said to have named the post office Arnett after A. S. Arnett, Brown's minister from Fayetteville, West Virginia.

Arnett is located at 36°8′4″N 99°46′15″W (36.134368, −99.770826) at an elevation of 2,447 feet (746 m). It lies approximately 9 miles (14 km) north-northeast of the Canadian River in the rolling Red Plains region of the Great Plains. Located in northwestern Oklahoma at the junction of U.S. Route 60 and U.S. Route 283, Arnett is 131 mi (211 km) west-northwest of Oklahoma City, 135 mi (217 km) northeast of Amarillo, and 172 mi (277 km) southwest of Wichita.

According to the United States Census Bureau, the town has a total area of 0.4 square miles (1.0 km²), all of it land.
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