Thats right, stick to arpeggios, scales minors and majors, Learn and study Jazz chords Major and Minor (7,6,9 11,13ths augmented, diminished,etc) and different voicings for chords used in Jazz Method Books. Try to apply different arpeggios or scales for each chord voicing in a song for soloing or improv.
"Think outside of the box" (pentatonic) and when you get lost go back to the box.
Learn different rythms, like the swing feel for be-bop
Bossanova and latin have a different feel rythyms as well.
Have patience and yes theory is a +. Good luck in conquering the Monster of Jazz.
There are several books on Guitar methods you can check out.
Mel Bay's complete Jazz guitar Method will give a structured idea.