Bring a large pot of salted water to a boil over high heat. Add the ravioli and cook for 7 to 9 minutes until tender. Drain.
In a large nonstick skillet over medium-high heat, add the pancetta and cook stirring frequently, until crispy, about 8 minutes. Remove to paper towels to drain. Add the tomatoes, olive oil, 1/2 teaspoon salt and 1/4 teaspoon pepper and cook for 2 minutes until tender. Add the arugula and 1/4 cup basil and cook until wilted, about 30 seconds. Stir in the butter and melt. Add the ravioli and cooked pancetta and toss until coated. Season with salt and pepper, to taste. Transfer the ravioli to a large serving bowl. Garnish with the remaining basil and serve.