His main asset was his crossing ability, and he played almost exclusively with Real Sociedad, which he represented for more than ten years, appearing in 353 competitive matches.

A product of Basque Country giants Real Sociedad's youth system, he first appeared with the main squad on 21 February 1993, in a 5–1 away loss against Deportivo de La Coruña.

In July 2004, still in La Liga, Aranzábal moved to Real Zaragoza, where he was used mainly as a backup to Paraguayan Delio Toledo.

[3] He retired after a small stint with amateur side CD Vera in the Canary Islands, with ex-Spain international (also a Real Sociedad teammate) Javier de Pedro also starting the campaign but being promptly dismissed.

[4] In early 2010, Kitchee SC from Hong Kong signed Aranzábal alongside compatriot Albert Celades.