I was wondering if I can control it with Arduino? Would I need an external power source, or would it not work at all?
I don't want to drop a few hundred dollars on it if it isn't possible and I need to find a different option.
It appears to be a three phase brushless motor, but looking at the specs of it you'd need a current limited three phase driver for it. I've never seen anything like that at a hobbyist level.
Its probably a linear version of a brushless gimbal motor - you'll need position error feedback to
drive a PID controlling the output phase of a 3-phase PWM bridge.