The Collaborative International Dictionary of English v.0.48:

Arrester \Ar*rest"er\, n.
   1. One who arrests.
      [1913 Webster]

   2. (Scots Law) The person at whose suit an arrestment is
      made. [Also written arrestor.]
      [1913 Webster]

WordNet (r) 3.0 (2006):

arrester
    n 1: a restraint that slows airplanes as they land on the flight
         deck of an aircraft carrier [syn: arrester, arrester
         hook]

Bouvier's Law Dictionary, Revised 6th Ed (1856):

ARRESTER, law of Scotland. One who sues out and obtains an arrestment of his
debtor's goods or movable obligations. Ersk. Pr. L. Soot. 3, 6, 1.