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The two players were tied at seven-under 137 through two rounds at the par-72 Blackstone Golf Club. Ormsby shot a 67 on Friday while Arnond was round in 69 to share the club house lead.
Ormsby earned his first Asian Tour victory earlier this month in India but he has yet to win on the European Tour. Arnond is also seeking his first European win.
The tournament, the only European Tour stop in South Korea, is co-sanctioned by the Asian Tour and the Korean Tour.
Play was delayed by inclement weather for the second straight day, and the final groups only got four holes in on Friday. Players will return to finish their second round on Saturday.
Ormsby, who made four birdies over his front nine, said he had to "work my way into the tournament" because his rhythm was a bit off following a two-week break.
"Today, I felt good straight out of the blocks," he said. "I had a good back nine and then holed a couple of putts coming in. So overall, nice putting, keep it in play, so it was good."
Arnond said he was happy with the way he overcame tough conditions.
"A thunderstorm came in out of nowhere, so I think that caught us all by surprise," he said. "After we went out, the wind started blowing pretty heavily. I am glad to pick up one more shot coming in."
Lurking one stroke behind the club house leaders were Alexander Noren, James Morrison and Jbe Kruger.
Morrison enjoyed a bogey-free round of 66, and Noren also went without a bogey for his 67. Kruger mixed in six birdies with a bogey for a 67.
Morrison completed his first round in the morning and had to come right back out to play his second round. The Englishman said he was fortunate to have played in the morning.
"I did get a little bit lucky with the draw. It wasn't that windy this morning and (I) played really well," he said. "I've really been working really hard, and it's just about being patient. I am getting my rewards for it."
World No. 7 Louis Oosthuizen, held back by mediocre putting, remains three shots off the pace at four-under, after shooting 71 in the second round.
Marcus Fraser, the 2010 Ballantine's champion, joined Oosthuizen at four-under with his second straight 70.
The projected cut came to even par.
Leading completed scores at the Ballantine's Championship in Icheon, South Korea, Friday after round two was interrupted by a weather delay. The round will be completed early Saturday (par 72):
137 - Wade Ormsby (AUS) 70-67, Arnond Vongvanij (THA), 68-69
138 - Alexander Noren (SWE) 71-67, James Morrison (ENG) 72-66, Jbe Kruger (RSA) 71-67
139- Tommy Fleetwood (ENG) 68-71
140- Matteo Delpodio (ITA) 71-69, Kim Hyung-Sung (KOR) 71-69, Pablo Larrazabal (ESP) 70-70, Louis Oosthuizen (RSA) 69-71, Marcus Fraser (AUS) 70-70, Kang Kyung-Nam (KOR) 72-68, Magnus Carlsson (SWE) 71-69, Brett Rumford (AUS) 73-67, Wu Ashun (CHN) 75-65, Joo Heung-Chol (KOR) 70-70
141- Jyoti Randhawa (IND) 72-69, Lee Slattery (ENG) 70-71, Hu Mu (CHN) 72-69, Gregory Havret (FRA) 71-70
