What did the story say? If it just said you were arrested, they are allowed to publicize that as it is public record. You may not have much of a legal leg to stand on, in which case I'd just ask to do that as a favor. But I know that many papers are not too fond of removing anything -- they consider it an affront to their integrity.
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Not much (well, actually not anything) you can do if the story was true when it was printed.
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The better action would be to take no action. If you contact the newspaper and they print a retraction, you are drawing more attention to the article. The older the article, the less people will find it.