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If I could only get one or the other, which brings the best utility to the table?
I'm in need of a heavy support vehicle for my currently infantry heavy raven guard army which I use with the recon company RoW. I realise that the fire raptor being a flyer pretty much ignores the heavy support starting in reserves restriction but either way neither would be arriving until turn 2. They both perform similar tasks on the table and have almost identical points costs when left bare. I'm not looking to min/max my army both seem pretty fluffy for the XIXth and I just don't want to sink that amount of money into a model that may not see much play.

I've not played an Arcus however my Fire Raptor is my mvp. It's yet to be shot down, it shows up, kills an enemy vehicle that absolutely has to die and then flies around mopping up enemy light armour or clearly power armour dudes off of objectives.
It always makes it's points back. Only downside is she it shows up late game when I really needed it early on but usually gives me time to get rid of any AA units.

Get the Fire Raptor. The current rules kinda blow for the tank. Forfeiting movement to maximize the rules for the tank kinda sucks. The different missiles are just all over the place- which might be perceived as an advantage, but that costs a lot of points. If you take this tank for anti-air, than you are going to use it as anti-air and probably never shoot the other three types of missiles. Anti-infantry? Then you'll ignore the other three types of missiles. Anti-vehicle? Then you'll ignore the other three types of missiles. Specialization > generalization in 30K. If you take this tank to fill a hole in your list, such as anti-air, anti-infantry, anti-tank, then you will be ignoring the other abilities of the tank. Basically, the Arcus would be a good tournament tank when you don't know exactly what you will be facing. It's also a great tank to take when the AA, AAA, and AI are already covered.

The Fire Raptor gains a huge defensive bonus for just being a flyer. It can target different units, has Power of the Machine spirit, and honestly, neither vehicle is going to be taken bare bones. You're going to add more to it. After you add up all the extras, the Fire Raptor will cost less. It is a risk, as the Fire Raptor won't be on the board Turn 1, and might not show up at all (!!). If the Arcus tank forfeits it's movement to shoot twice, it has the potential to do more damage than the Fire Raptor.

When 30K gets the 8th edition rules, which might take a year or two, the Fire Raptor will still be the superior choice between the two.

When the Arcus gets full up, non-experimental rules, maybe this will change. Right now, the Fire Raptor is the better choice.

From what I've heard the sicarian chassis vehicles are fairly easy to assemble, whilst the fire raptor was a royal pain.

That said, I think the fire raptor is a better choice.
In game terms, it can pull anti-air duty whilst still ravaging ground targets.

Its also quite thematic for Raven Guard to be performing forward recon, then calling in air support to destroy key targets.