Arena Pet (Item Subtype)
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Arena Pets are creatures that a player can incarnate or "possess" when fighting at match within the Arena. To incarnate such a pet, a player need to own the item corresponding to that pet. Arena pets can also be used as house pets .
Arena pets can also be used in conjunction with the Creature Conjuror Guild Hall Amenity . By having a pet in your inventory, personal bank or shared bank*, when you speak with the conjuror, he will offer to summon one of that creature to fight. You gain no xp for these fights, and can die a real death (with debt), but they do count as kills for Lore and Legend quests for the auto-update parts, and make good practice for types of mobs.
Several external websites detail arena pets:
German Mystics Arena Guide (text in German)