Lowry spent a pair of seasons at Villanova, leading the Wildcats to a Sweet 16 and Elite Eight appearance in his freshman and sophomore year, respectively. The five-time All-Star led the Big East with 2.3 steals per contest during the 2005-06 campaign.
In January 2018, Lowry donated $1 million to his alma mater for upgrades to the team's locker room, which is named after him. The 33-year-old has maintained an active presence with Villanova over the years and often spends his offseason training in the school's facilities.
"Kyle brought a toughness to our program that everyone has had to live up to in the years since," head coach Jay Wright said in a statement. "We're so proud of all his basketball accomplishments, but mostly the man, father, and husband that he's become."
Arcidiacono had a more decorated collegiate career. He earned co-Big East Player of the Year in 2014-15 and won Most Outstanding Player of the NCAA Final Four after captaining Villanova to its second national championship the following season.
The 25-year-old is the school's all-time record leader in games played (144) and sits fourth with 535 career assists.
Arcidiacono averaged 11.1 points and 3.7 assists over his four-year career with the Wildcats, mostly as a starter.
"Ryan watched Kyle play and learned from him," Wright said. "He became one of the great Villanova leaders of all time. His tenacity, intelligence, and charisma set an example for all the Villanova guards who followed him."
Lowry and Arcidiacono will be the 17th and 18th players to have their jerseys retired by the school.