Yes, it could result in a denial and removal proceedings. Hire an attorney to try to correct your situation.
Legal disclaimer: The statement above is general in nature, as not all the facts are known. You should retain an attorney to review all the facts specific to your case in order to receive advise specific to your case. The statement above does not create an attorney/client relationship.
If you failed to disclose an arrest when you received your green card and it would have prevented you from becoming a permanent resident had it been properly disclosed, then it was a material misrepresentation and you obtained your residence by fraud. In that case you can expect to be placed in removal proceedings.
The big issue here is whether there was a material misrepresentation. The failure to disclose must result in a finding that the decision on your case would have been different had you disclosed the true facts. Consult with an experienced immigration attorney who can review your situation, advise you what to expect, and what actions to take so as to facilitate your maintaining lawful status.
While this answer is provided by a Florida Bar Certified Expert in Immigration and Nationality Law, it is for general information purposes only and an attorney/client relationship is neither intended nor created. You should seek out qualified counsel to review your case and provide you with advice specific to your situation. Call +1-561-478-5353 to schedule a consultation with Mr. Devore.