Arc doesn't keep the old versions, old links die as soon as the new update hits.
But Android being Android, the problem usually ends up being that you don't have enough free space.
I had to free 4GB to installl a 1GB apk...
Like I said, Android being Android.
You could also try installing the app through a different installer like Split APK Installer (SAI), that one at least gives you a proper error message instead of just "App not installed".