The Arcade emulator
This is Final Burn Alpha 0.2.97.38 and it is compatible with a long list of Arcade games:
https://github.com/libretro/libretro-fba/blob/master/gamelist.txt

Back:   Insert coin
Start:  Start
NVIDIA: Toggle RetroArch menu

Final Burn Alpha is compatible with zipped rom files which you will need to place in the fba rom folder on the SHIELD. Do not rename the zip files, they will get the correct name when you add them in Advanced Launcher:

When you’ve added games to the fba folder you must do a scan of the folder in Advanced Launcher.

Specifically when scanning Arcade games you need to enable an Arcade game scraping function which ensures that the short zip-file names are translated to longer game names in the list. When the scanning is done you must remember to disable this scraping function again before scanning rom folders for other emulators:

You are now ready to play Arcade games!