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One creature is the target of the arcana theft spell. You make a melee touch attack and one dispel check (1d20 + your caster level), and compare that to the spell with highest caster level (DC = 11 + the spell's caster level). If successful, that spell ends. If not, compare the same result to the spell with the next highest caster level.
If the melee touch attack is successful and the spell successfully dispels one spell affecting the target, that spell is instead transferred to you, treating you as the original target. You do not receive a new saving throw or spell resistance check against this spell and must accept its affects even if they are not beneficial. This does not alter the spell's duration; for example, if the spell only has 4 rounds of duration remaining when it is stolen, it only affects you for 4 rounds. If the spell or effect has a duration of permanent, its duration continues for 1 hour per caster level of the original caster, after which it ends. The stolen spell does not revert to the original target.