In a medium saucepan, combine Arborio rice and chicken broth. Bring to a boil, then reduce to low and simmer for about 20 minutes until liquid is absorbed.

Once cooled, transfer rice to a mixing bowl. Stir in Parmesan cheese, parsley, salt, and pepper until combined.

Scoop about 2 tablespoons of rice mixture, flatten it, place mozzarella in the center, and wrap rice around it to form a ball.

Preheat oven to 375°F (190°C) and line a baking tray with parchment. Dip each ball in beaten eggs, roll in breadcrumbs, and place on tray.

Brush each arancini with olive oil, then bake for 20-25 minutes until crispy and golden brown.

Let cool slightly before serving with marinara sauce or pesto for dipping.