I should have mentioned, the balloons are actually custom made inflatables and do need a fair oomph; in regards to either the Aquarium Pump or the 12v Compressor however are there any tutorials available that would help me on my way?
As said, I’m relatively new to Arduino and the simplest method would honestly be the best.
Really you first need to select the air compressor/blower that has the pressure and air flow capacity you will require to blow up your inflatables in the time frame you expect. Once you have selected the proper pump it is a pretty simple task to control it with an Arduino. And it doesn't matter what voltage or even if it's a 120vac device, there are simple ways to interface such things with an arduion, either a transistor for DC or a solid state relay for AC.
Again selecting the proper compressor/motor is the hardest (and most expensive) task. Those ultra cheap +12vdc tire pumps really suck as far as air flow capacity, they may be able to pump up a car tire but odds are they will drain the car battery before it's done.