An ARP entry only indicates a MAC-IP address correlation.
Inability to ping (or more precisely get an icmp echo reply in response to an icmp echo request) can be due to several thing.
The most common cause is that the host doesn't not respond to pings. Can it be pinged from any other host?
The second most common cause is that a host-based firewall (or iptables etc.) doesn't allow the source of your pings.
Can you connect to the target using tcp on an open port? That's a more definitive connectivity test.