| Arnaldo Balay | |
| Birth Date: | 2 September 1928 |
| Birth Place: | Alsina, Buenos Aires Province, Argentina |
| Position: | Defender |
| Nationalteam1: | Argentina |
| Nationalyears1: | 1955–1958 |
| Nationalcaps1: | 3 |
| Nationalgoals1: | 0 |
Arnaldo Balay (2 September 1928 - 28 September 2006) was an Argentine footballer. He played in three matches for the Argentina national football team from 1955 to 1958.[1] He was also part of Argentina's squad for the 1955 South American Championship.[2]