All the usual advice given for Peru applies here as well. Arequipa feels like a somewhat safe city, and like in most of the other major Peruvian cities there is always a fairly large police presence. That said, don't unnecessarily flaunt your valuables or your money. Despite of this, there have been several robberies reported. DO NOT walk alone after 11.00PM in the downtown area!
In the downtown area, there is a fairly large presence of tourist police, wearing white shirts. Ask them for help.
The most common form is when a foreigner takes a no-name cab and some corners later other people are picked up to rob the tourist. To be safe, don't just hail any old cab that passes by. Always take branded taxis of which you can see plenty. Several of these branded taxis are very careful about the owners/drivers they take on. Consequently, they are very reliable. The best of these is the "Turismo Arequipa" company with a green and white logo watch out for fakes. "Taxitel" is also good.
The safest way to call a taxi is to ask your hotel or hostel to do it for you. Almost all hostels and hotels have a relationship with a taxi company whose drivers are known and trusted. This holds for the rest of Peru as well.