According to scholars ,in the ancient past one Rishi (a man of self realization) during one of his journeys visualized the tropical sanctity and divinity of this place and began worshipping Lord Mahavishnu in the form of Narasimha.The nearby residents , blessed with the spiritual residence of the saint and Lord ,constructed a holy full-fledged temple (Maha Kshetram) and started worshipping the deity in Narasimha form. Besides the Saivite effulgence, the powerful presence of goddess Durga also was worshipped here.
In course of time, when glory of the village declined, the temple also was discarded by the local devotees who fled away leaving the temple and idols.
The abode of Sri Hari (Mahavishnu) might have been known as Harikkad (forest housing Hari). It is possible that the name had undergone changes during passage of time to the presently known Arikkad
Official Weblog of Harikkad Narasimha Murthy Temple Renovation Committee
Harikkad Narasimha Murthy Temple 