Arbuckle threw a 24-yard scoring pass to Penny Hart to put the Panthers (1-1, 1-0 Sun Belt) up 34-19 with 14:31 to play.
But the Aggies (0-2, 0-1) used a nine-play, 75-yard scoring drive - capped by Larry Rose's 6-yard touchdown run - to make it 34-26. Tyler Rogers hit a wide open Tyrain Taylor, who made a diving, 29-yard catch to cut the lead to 34-32. The two-point conversion failed.
The Aggies again threatened driving the ball to the Panthers 32, but Parker Davidson's 49-yard field-goal attempt went wide with 32 seconds left. Davidson also missed two extra points.
Hart finished with 150 yards receiving and two touchdowns.
Rogers threw for 445 yards and three touchdowns, and Taylor had 206 receiving yards and two scores.
AP College Football website: www.collegefootball.ap.org