Does call of duty 4 have two players on arcade mode?

No, Call of Duty 4: Modern Warfare does not have a 2-player mode in its arcade mode.

The arcade mode in Call of Duty 4 is a single-player only mode where you play through a series of increasingly challenging waves of enemies.

While you can play with a friend in the multiplayer mode, there is no option for co-op gameplay in the arcade mode.