Aeolus was the son of King Hippotes. He let the winds out at appropriate strengths and directions according to the whims of the higher gods. He lived on the floating island of Aiolia and was visited by Odysseus and his crew in the Odyssey. He gave hospitality for a month and provided for a west wind to carry them home. Unfortunately he also provided a gift of a bag containing each of the four winds, which Odysseus' crew members opened just before their home was reached. They were blown back to Aiolia, where Aeolus refused to provide any further help. (Odyssey X, 2; Virgil I, 52)
His home has been traditionally identified as one of the Aeolian Islands (there is little concensus as to which), near Sicily, on a mountain. An alternative location has been suggested at Gramvousa off the north west coast of Crete.
It is unclear which Aeolus is the father of Arne. He may be one of the two people described above, or a third Aeolus. Arne was the ancestress of the Boeotians.