Its a tight connection, but definately possible. Since you are EBG your checked bags should theoretically come out first, and you should be able to go through the priority security line. This will save you up to almost 30 minutes if security lines are long and your bag doesn't come out last. As long as your flight from ARN lands on time and there is no delay getting off the plane, I don't see why you wouldn't make it under normal circumstances. However, I wouldn't waste any time until once you are at the connecting gate with, if any, time to spare.

Worst case senario is that they rebook you on the next flight if you miss your connection. IMHO ORD isn't the worst airport to waste time at if all goes wrong.