The publisher said it has "taken the decision to suspend" the title, following a significant drop in Arena's circulation in recent years as readers have moved away from the lads' magazine sector.
Arena employs 12 staff across editorial and advertising, who have now entered into a four week period of consultation, according to the group, which also publishes FHM.
The group said it will look to redeploy the staff within the Bauer group.
Bauer said Arena's suspension will not affect Homme Plus, Arena's fashion-led brand spin-off, which is published twice a year.
It also said it will be working with its partners on Arena's international editions.
The last issue of the magazine will be the April issue, on sale on 12 March.
According to ABC figures for the period July to December 2008, Arena's circulation was 29,374, up 16.4% year on year, but down 4.9% on the previous six months.
The title gave away 11,800 copies over the last six months, a shift in strategy that Bauer Media managing director Geoff Campbell claimed was to move the magazine to "partly controlled free".