Kind of... The arc is the 'electrical' part of the discharge. The plasma is the superheated substance that behaves like a gas and can be pressurized and blown through an orifice to cut metal in the manner an oxyacetylene cutting torch works, only better.
Plasma can be made several ways. Any kind of heating will turn gas into plasma at standard pressure if enough heat is put to it. Actually, using an arc to create plasma is known as creating an 'artificial plasma'.
Low pressures can also create plasma. Our ionosphere is a sphere of plasma. Radio operators love the ionosphere because we can use it to refract signals and land them anywhere on the planet.
So yes, you can use an arc to create plasma, but plasma is a state of matter, not an arc.