This conversion seems to mostly represent repacking of ARC archives to PEA archives from PeaZip. The most convenient way for this conversion would be of course to use the original PeaZIP program itself. But perhaps some other file managers may also be able to achieve the same thing.
Convert ARC lossless data compression and archive format to PeaZip pack encrypt authenticate file.
We have found one software suitable in our database for this conversion.
Microsoft Windows software - convert arc to pea on Windows
A free open source archive utility
Convert from arc file format
The table with program actions contains information about what each program is capable of doing with their files. This may be a good pointer for further searches for certain file conversions and help you find the converter you are looking for if our search result is insufficient for you. However, it is far from perfect and may sometimes show results which are not really usable because of the nature of the software handles the files. So a conversion that appears as possible, just because of matched actions, may in fact not be possible.