Well, I would say that the vSwitch doesn't really hold any ARP tables.
When the frame arrives from outside and enters the vSwitch, vmkernel checks if any connected virtual network cards do have assigned a MAC that the frame has as a "destination MAC". Once a match is found, the frame is processed and sent out on a particular port (where our destionation VM's NIC is connected). If no match is found, packed is dropped.
In case you would like a VM to start receiving or sending frames with a source / destination MAC different from the one assigned to virtual NIC, you'd have to start mocking around with security settings - Promiscuous mode, MAC Changes and Forged Transmits.
ARP is normally done by the OS, not the switch. Remember that VMware vSwitches are L2 devices! (well, apart from the IP-Hash nic teaming and traffic filtering and marking rules you can set up on dVS using IP qualifiers, everything else is pretty much L2).
Hope this helps.