Arcaro was born in Cincinnati, Ohio, the son of an impoverished taxi driver. Eventually nicknamed "Banana Nose" by his confreres, Arcaro won his first race in 1932 at the Agua Caliente racetrack in Tijuana, Mexico.
In 1953 Eddie Arcaro was voted the George Woolf Memorial Jockey Award, and in 1958 he was inducted into the National Museum of Racing and Hall of Fame.
Active in jockey affairs, Arcaro was a driving force behind the creation of the Jockeys' Guild. He retired in 1962 because of severe bursitis in his arm. He ended his career having competed in 24,092 races and having won 4,779 with record setting earnings of $30,039,543. For a time he worked as a television commentator on racing for CBS and ABC, and then as a public relations officer for the Golden Nugget Casino in Las Vegas, before retiring to a home in Miami, Florida.
He also worked as a spokesman for the Buick motor division of General Motors, for which he voiced the well-known phrase, "If you price a Buick, you'll buy a Buick."
Eddie Arcaro died in 1997. His body was cremated and his ashes were inurned in the columbarium at Miami's Our Lady of Mercy Catholic Cemetery.
Today, he is one of the most well-known jockeys in history of horse racing.