Arkane Studios was founded by industry veteran Raphaël Colantonio
In July 2006 a second development studio was opened in Austin Texas.
On 07/10/2009 it was announced that they'd be helping out 2K Marin, 2K Australia and Digital Extremes with developing BioShock 2.
During QuakeCon '10, ZeniMax announced that they had acquired Arkane Studios. The studio has started working on an unannounced project, though no further details were made available.
On 07/07/2011 Bethesda announced that the title Arkane Studios are working on is called Dishonored. The title was described as having elements of stealth, a morality system and the ability to go through the entire game without killing anyone. Dishonored was developed for PlayStation 3, Xbox 360 and PC, and released in October 2012.