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This is retarded, and Bulbapedia isn't totally right, and nobody here is either.
Arceus comes from ἀρχαῖος, Ancient Greek meaning "pertaining to the beginning", or "ancient/primeval".
The pronunciation is
>/arˈçe.os/
as the newer Medieval Greek pronunciation. This is what Japan uses. However, it's
>/ar.kʰâi̯.os/
in the older Ancient Greek pronunciation, and this is what English countries use (the reason partially being to not sound like "arse"). In any other situation, the Japanese version would use the older pronunciation and we'd use the newer Latinized one. To give an example, Japan pronounces Aegis as "Eye-giss" because it's closer to the original Greek pronunciation. But we say "Ee-jess" because our pronunciations have been Latinized and have moved away from Greek. That's why Persona 3's localization chooses to go with "Aigis" over "Aegis" because it helps English players pronounce it correctly.
Another example is Cerberus, which is "Kerberos" in Greek, and Japan pronounces it that way too.