Arresting the president for fraud requires first impeaching him.
It is a major mistake to impeach Obama because that is reserved for legitimate presidents that do bad things. Even then, as Clinton showed us the bad guy does not have to go.
Any county Sheriff has the power to arrest the president.
The county sheriff is the highest law enforcement official in the state (in CA there are 57 of them).
If Obama is arrested and removed for ineligibility then everything he has done will be reversed, because he was not eligible to be president. In that case the entire ticket will be null and void so Biden is out too.
If he is arrested for other crimes then the picture is less clear but it would be the just way to go.