Yes. The LED is a 3W LED and the forward voltage is 3.5V. It means that with good brightness it will drop a voltage of 3.5V. It does NOT mean that you have to put that voltage, but you have control the current.
3W / 3.5V => 0.857mA. This is too much current for the Arduino pins, so you need another power source for the led. And would be better a 5V source. With 3.3V it will work, but not at full bright.
Next, you have to connect the led with the variable resistor in series. Check this site: How to Use a 3W Star LED – Kitronik Ltd