As a replacement for the arowana why not try some of the pike characins (Ctenolucius and Boulengerella species) or needle fish (Xentodon cancila), though the needle fish may be in danger from your oscar when it is bigger.
The smaller bichir species such as P.senegalus and P.palmas which only attain around a foot in length work well in smaller sized preadtor tanks as do the medium sized Pimelodus species like P.blochii and P.albofasciatus which grow to the 8-10" mark.
The saxatilis family Pike Cichlids can add a touch of colour to a predator tank, though some of these can be insanely aggressive so dont always work out as planned and single specimins of the larger dwarf snakeheads such as C.gachua and C.sp "kerala five stripe" are pretty and interesting (though dont ever mix pike cichlids and snakeheads in the same tank!).
Thats just a few from the top of my head, with a bit of research there are many more to be found.