In the last few years, questions pertaining to cooperation and conflict in the Arctic have emerged in the media, as well as within academia. While many scholars have rightly rejected the prospect of an imminent escalation of conflicts, the current debate is insufficiently informed by the literature on political order within the field of international relations (IR). In this article, the author attempts to explain the political order in the Arctic, situating his analysis within the broader context of IR theory. Guided by the perspectives of ‘hegemonics stability’, ‘balance of power’ and ‘Kantian internationalist theory’, focus is laid on power capabilities, international regimes and domestic regime type as independent variables. The main finding is that the Arctic is a multipolar ‘region,’ the enduring stability and peacefulness of which can be explained by both the role played by international regimes, and by the balance of power between the ‘stakeholders’ involved. The paper concludes by explaining how and why the smaller littoral Arctic states are the prime beneficiaries of this order.