A 209 Maybe, depending on illumination.

Invisibility keeps the source of the light from being seen, but in a pitch black environment a faint blue glow in the square(s) of the creature with Arcane Sight would be visible. Invisibility does not suppress the illumination, but does make its position impossible to determine so the creature cannot be targeted. Effectively, the blue eye glow of Arcane Sight would be dispersed throughout the creature's square(s). In normal illumination this diffuse blue light would be hard to notice. It would be apparent if there were no ambient light, though.