It should be in the public domain (obviously), so I'd thought I could find the English text on the web somewhere. Apparently not?
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13There is: http://www.archive.org/details/diophantusofalex00heatiala for Diophantus of Alexandria; a study in the history of Greek algebra by Sir Thomas L Heath (1910). – Did Aug 24 '11 at 12:45
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4Look at this text by Norbert Schappacher for some interesting history. – t.b. Aug 24 '11 at 12:48
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3@Didier, that comment could be an answer. – lhf Aug 24 '11 at 13:31
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The fact that Diophantus' writings are in the public domain does not automatically mean that a translation into English would be in the public domain. – Michael Hardy Aug 24 '11 at 16:20
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@Didier, that's exactly what I was looking for. Thanks! – Mihai Aug 24 '11 at 16:25
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@Theo: I included your comment in my answer since I fully concur with your suggestion to look at this paper by Norbert. Tell me if this is a problem... – Did Aug 24 '11 at 20:10
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@Didier: Thanks for notifying me. As you probably suspected, I have no problem with that whatsoever, on the contrary! – t.b. Aug 24 '11 at 20:55
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2If you want a physical copy, some print-on-demand companies offer copies of the Heath book (e.g. on amazon) for not too much money. There is a Dover edition too: ISBN 1443730238. – Matthew Towers Aug 24 '11 at 23:33
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1In Steven Hawking's "God Made the Integers" he has books II, III, and V, in English. – Gᴇᴏᴍᴇᴛᴇʀ Dec 26 '14 at 03:44
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A consolidated answer with history and sources for 10 of the 13 books of Diophantus Arithmetica is below – Assad Ebrahim Mar 19 '18 at 04:12
3 Answers
There is one such translation (freely available), included in the book Diophantus of Alexandria; a study in the history of Greek algebra by Sir Thomas L. Heath (1910).
For some interesting history, user @t.b. recommended (and I fully concur) to look at the paper Diophantus of Alexandria: a text and its history (2005) by Norbert Schappacher (this paper is freely available as well).

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Obviously, the translation by Sir Thomas L. Heath does not include the four books discovered in an Arabic translation in 1968, and even less the three books which are still missing – Frédéric Grosshans Nov 24 '22 at 14:55
Context
Diophantus' Arithmetica consists of 13 books written originally in Greek circa in ~270 CE. The original Greek text is lost to us. The earliest surviving texts are from copies in Arabic transmitted through the Islamic world, before returning to Western Europe in the 1600s via translations from Arabic back into Greek or Latin.
In 1621 CE, Bachet published in Latin the standard text which Fermat read and annotated with his observations. This makes available 6 of the 13 books. In 1968, an Arabic text was discovered in Iran containing Books 4-7 of the Arithmetica. This means 10 of the 13 original books are extent, and the current scholarly view is that Bachet's text has the original Books 1-3, Books 4-7 are from the Arabic text, and the other three books from Bachet are from 8-13, but we don't know which three, and with three books still lost.
Translations to English
Thomas Heath (1910) made an English translation of Bachet's version, but using the text of Tannery (1893, 1895), available freely here: https://archive.org/details/diophantusofalex00heatiala It has Books 1-3 & "4-6".
The Tannery text (Greek and Latin) is available here: Vol 1 (1893) and Vol 2 (1895)
The English translation (1982) by Jacques Sesiasno of Books 4-7 can be found here: https://www.amazon.com/dp/0387906908/
Historical References
The history of Diophantus's Arithmetica here: www-irma.u-strasbg.fr/~schappa/NSch/Publications_files/1998cBis_Dioph.pdf
A review of Sesiano's translation, with its history, is here: http://www.jphogendijk.nl/reviews/sesiano.html

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Is Heath's book really a translation? It seems more like a book ABOUT Diophantus's "Arithmetica", not the translation of the actual book. There's just an "abstract" from the books, mostly an abbreviated description of the problems and their solutions which doesn't seem to be a 1:1 translation from Bachet's Latin version or the original Greek one. Unless I'm stupid and I can't find the actual translation in the book? – SasQ Jul 17 '19 at 21:56
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1@SasQ: Yes, this really is a translation :) Looking at the contents, the first third of the book is the usual scholarly introduction (128pp), the second third is a TRANSLATION of The Arithmetica (pp.129-266, Books I-VI), and the last third (pp.267-387) is a supplement containing Fermat's margin notes, Heath's notes, and some hard solutions by Euler. The translation starts "Knowing, my most esteemed friend Dionysius, that you are anxious to learn how to investigate problems in numbers..." (p.129). The translation is of original text edition of Tannery (1893), which Heath prefers to Bachet's. – Assad Ebrahim Jan 09 '20 at 02:30
This link says there exists a book, but the cost seems a bit high.

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2This is a translation into English by Sesiano of an Arabic translation of what may be some of the "lost" books of Arithmetica. (The manuscript was found not that many years ago in a shrine library.) The text is probably substantially modified from the original. Any decent university library will have it. Yes, the cost is high, but the profit margin is undoubtedly much less than on a routine calculus book. – André Nicolas Aug 24 '11 at 15:35