Do yourself and the aro a favor...if he's smaller than 8" get a 10g and quarantine him, if he's bigger than 8" get a 20g.
Use half of the water from your original tank, and if you have any spare filters hook that up to your quarantine tank. Get your hands on a sponge filter also, this will help the biological aspect and provide oxygen.
Add a heater, and crank it up to 82F~84F, add some aquarium salt.
Use THIS LINK
http://www.arowanaclub.com/ClubArticles/Calculator.htm to figure how much salt to use.
Don't fill the tank all the way, half or 3/4 of the tank.
When using melafix/pimafix..use half of the recommended dosage and remove any activated carbon. Keeping the carbon in the filter will be a futile attempt as it will remove the medication.
i gotta disagree with that man, full strength on mela/pima fix will not harm an arowana in anyway, ive med mine twice on mela and pimafix (mid you this fish was less than 20 inches at the time) with no adverse effects, ive tried salt on fin erosions, its not very effective
. beside afew more day and this may fish may not have any fins left, this is severe case so meds are recommended
Aro's are very sensitive to medication so use meds sparingly. Best and safest method is to raise the temp and use salt. You can try this for a few days and observe the aro. Also, try to do a 5-10% WC everyday and age the water/decholrinate before using and keep it as close as possible to the tank's temp.
Good luck.