The Armored Core 2 Arena consists of 49 Ravens (not including the Raven) with an additional 6 added upon beating the main story.
List
| Raven | AC |
| #1 Ares | Providence |
| #2 Prisoner No. B-24715 | Apocalypse |
| #3 Lion Heart | Black Knight |
| #4 D. Sebastian | Crescendo |
| #5 The Animal | Death Penalty |
| #6 Isotope | Deus Ex Machina |
| #7 Rose | Queen of Hearts |
| #8 Dreadnought | Mk-9999 |
| #9 Merciless | Black Scythe |
| #10 Strung | Judas |
| #11 No. 1111 | Count One |
| #12 Brazen | Azure Sky No. 5 |
| #13 Stoic | Anesthetic |
| #14 Ken Hayabuse | Model D |
| #15 Suave | Pussy Cat |
| #16 Ever Fighter | Holy Mother |
| #17 Higher Force | Bipolar |
| #18 Heizehen | Scholar |
| #19 Bulk | Mass |
| #20 Helios | Red Fury |
| #21 SAMSARA | The Bully |
| #22 Super Sonic | Laser Blade |
| #23 Divine Bloom | Sweet Eden |
| #24 Blood Striker | Bullet Dragon |
| #25 Cruel Justice | Catastrophe |
| #26 Grenstone | Billboard |
| #27 Dr. Simon | Element126 |
| #28 Cerberus | Longitude |
| #29 Hades | Latitude |
| #30 Tribunal | Chimera |
| #31 Mnemonic | Amnesia |
| #32 Time Keeper | Infinity |
| #33 Castor | Universal Star |
| #34 Malpractice | Ambulance |
| #35 Funnel | Earth Rize |
| #36 Death Merchant | Demo |
| #37 Pollux | Cosmic Star |
| #38 Prophet | Punishment |
| #39 The Engineer | Full Metal |
| #40 Psychedelic | Rainbow |
| #41 Grudge | Revenge |
| #42 Werehound | PK |
| #43 Venom | Strike |
| #44 Phaeton | Horizon |
| #45 Tomboy | Wishingwell |
| #46 Splurge | Squanderer |
| #47 Living Dead | Debtor |
| #48 Hustler Two | Eight-Ball |
| #49 Light Seeker | Breakthrough |
| #50 The Raven | -- |