Saint Arsenius, Archbishop of Pec, was born in Srem. He spent a large part of his life as a monk at the Zhicha monastery under the spiritual direction of Saint Savva (January 14). Because of his strict ascetic life, Saint Savva made him the igumen of the monastery.

When Serbia was invaded by Hungary, Saint Savva sent Saint Arsenius to find a safer place in the south for a new episcopal See. Arsenius chose Pec, where he built a monastery and a church which was dedicated to the Holy Apostles, and then to the Lord’s Ascension.

The icon is of very high quality. The middle part of the obverse of the icon has a depression of up to 0.3 cm, creating a traditional "KOVCHEG" for ancient icons. 

Before leaving for Jerusalem, Saint Savva designated Arsenius as his successor.

In 1223, Saint Savva died in Trnovo on the way home, and Saint Arsenius urged King Vladislav to bring his body home for burial in Serbia. After thirty-three years of wisely guiding his flock, Saint Arsenius fell asleep in the Lord in the year 1266. His relics were buried at the Pec monastery, but now rest in the Zhrebaonik, Montenegro.