'arch-' originates from Greek, specifically the element 'arkh-' where 'arkh-' meant 'chief, principal'; 'swindler' originates from German, specifically the word 'Schwindler' (from 'schwindeln'), where 'schwindeln' meant 'to cheat' or 'to cause dizziness.'

'arch-' entered English usage as a productive prefix (via Latin/Old French influence) meaning 'principal, chief'; 'swindler' was borrowed into English in the early 19th century from German 'Schwindler' (from 'schwindeln'). The compound 'archswindler' arose in modern English by combining the prefix 'arch-' with the existing noun 'swindler' to denote a chief or extreme swindler.

Initially the elements meant 'chief' (arch-) and 'cheater' (swindler); combined they originally signified a 'chief swindler' and have come to be used for an especially egregious or masterful fraudster.