Recent advancements in Large Language Models (LLMs) have significantly influenced the landscape of language and speech research. Despite this progress, these models lack specific benchmarking against state-of-the-art (SOTA) models tailored to particular languages and tasks. LAraBench addresses this gap for Arabic Natural Language Processing (NLP) and Speech Processing tasks, including sequence tagging and content classification across different domains. We utilized models such as GPT-3.5-turbo, GPT-4, BLOOMZ, Jais-13b-chat, Whisper, and USM, employing zero and few-shot learning techniques to tackle 33 distinct tasks across 61 publicly available datasets. This involved 98 experimental setups, encompassing ~296K data points, ~46 hours of speech, and 30 sentences for Text-to-Speech (TTS). This effort resulted in 330+ sets of experiments. Our analysis focused on measuring the performance gap between SOTA models and LLMs. The overarching trend observed was that SOTA models generally outperformed LLMs in zero-shot learning, with a few exceptions. Notably, larger computational models with few-shot learning techniques managed to reduce these performance gaps. Our findings provide valuable insights into the applicability of LLMs for Arabic NLP and speech processing tasks.