Israeli Foreign Minister Moshe Arens arrived in Cairo Monday for talks with his Soviet counterpart, Eduard Shevardnadze, amid a flurry of diplomatic activity aimed at reviving the Middle East peace process. Arens's arrival marked the first time since President Anwar Sadat was slain in 1981 that Egypt has hosted a senior member of Israel's Likud party. He is scheduled to hold talks with Shevardnadze Wednesday. Egypt's state-run Middle East News Agency reported from the Tunisian capital of Tunis Monday that on the same day Shevardnadze meets with Arens he also is expected to hold talks with PLO Chairman Yasser Arafat in Cairo.