Will calorie restriction causes cardiac arrest?

No. No unless you are undernourished or malnourished.
Yes. By extremely reducing calories without taking into account the number of calories one needs, the electrolytes (sodium and potassium) and basic sugars and proteins in order to just maintain baseline function, you are risking a severe imbalance and can cause a fatal cardiac arrhythmia (cardiac arrest). Severe calorie restriction should be monitored by a physician familiar with nutrition.