Mistaken Arrest is a Quick-Play Spell Card.
Spell Cards are usually activated from the hand on your turn unless their type gives another timing window.
On the current TCG and OCG Forbidden & Limited lists tracked here, Mistaken Arrest is Unlimited.
YGOPRODeck lists Mistaken Arrest for these formats: Duel Links, TCG, OCG, Master Duel.
A listed print of Mistaken Arrest appears in Battles of Legend: Glorious Gallery (BLGG-EN114) at Starlight Rare rarity.
Among markets shown on this page, the lowest listed snapshot for Mistaken Arrest is about $0.29 on TCGPlayer (prices change frequently).
