Can I be arrested for not returning money someone else deposited in my bank account?

This is simply a variant of deposit scams. No, you will not be arrested as this is just part of social engineered blackmail by the scanner.

However, this an indication of identity theft, you must report the incident to the bank immediately (don't delay, call today). Check whether it is necessary to file a police report or whether the bank anti-fraud department will take care of the rest.

This is what practice in the scammer cookbook:

1. Get victims account information and phone number from data stolen from somewhere.
2. Bank in a cheque with X amount to the victim account, this usually took 2 days to clear
3. Call the victim ASAP, choose any script(from a dozen) to make victim believing it and make them return the money by bank-in equal amount into some other account, etc.
4. The scammer calls the bank to retract the cheque ASAP before the funds are cleared.

The best version of the scam may even go into the extent that without banking any cheque. Since scammers already have the victims bank information, they just make a social engineering call to carry out the scam. I.e. most of the time victim will call the fake bank number given by the scammers and falls right into the trap.