you can pass any argument available to arangod to the arangod ran in a docker container like this:
docker run \
-e ARANGO_RANDOM_ROOT_PASSWORD=1 \
-e ARANGO_STORAGE_ENGINE=rocksdb \
-p 8529:8529 \
-d arangodb \
\
arangod \
--log.file /var/log/arangodb3/arangod.log \
--foxx.queues false \
--rocksdb.block-cache-size 0 \
--cache.size 0
and can use that to control all available arangodb parameters.
To use less memory you probably would want to use the rocksdb storage engine.
You may want to configure the rocksdb engine, like disabling caches to reduce the memory footprint with lesser performance. You can also disable the cache that is also used to improve graph traversal performance.
However, there is no way to limit ArangoDB to a certain amount of memory, and by putting a limit on it from the outside you will probably sacrifice stability by it not being able to allocate memory and fail with OOM-errors.