Arnarstapi was an important trading post in the past and had a much larger population than it has now.
Columnar basalt, ravines and grottoes surround the Arnarstapi pier. There is good anchorage for small boats.
Quite a large arctic tern colony is living 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.