It includes a large number of exhibits, including a partial transcript of Mr Clinton's evidence in the Paula Jones' case.
During his testimony, Mr Clinton denied ever having sexual relations with Monica Lewinsky.
"We fundamentally disagree with the complaint and will defend vigorously against it," David Kendall, Mr Clinton's attorney, said.
After the Paula Jones case was dismissed, the judge fined Mr Clinton for giving "false, misleading and evasive" evidence.
No surprise
The committee had already announced its decision to attempt to have the president disbarred on 19 May, and the latest move comes as no surprise.
It says the president "has conducted himself in a manner that violates the model rules of professional conduct as adopted by the Arkansas Supreme Court."
The lawsuit also says his conduct "damages the legal profession and demonstrates a lack of overall fitness to hold a license to practice law."
It includes a large number of exhibits, including a partial transcript of Mr Clinton's evidence in the Paula Jones' case.
Unprecedented
The BBC's Washington correspondent Rob Watson says it is the first time a sitting president faces the potential humiliation of losing his law licence.
Mr Clinton has indicated he is not going to practise law again in Arkansas, but is also anxious to avoid any further damage to his reputation after the impeachment scandal, our correspondent says.
In the past, Mr Clinton said the Arkansas committee was responding too harshly and that his lawyers would fight, but he would not get involved personally in the case.
Officials say the Arkansas judge, Marie-Bernarde Miller, will make a decision on whether or not to hear the suit in the next few days.
She can now either set a date to hear the case or dismiss it altogether.
If she decides to proceed, Mr Clinton will have 30 days to appeal to the Supreme Court.
Clinton, a licensed lawyer since 1973, was attorney-general of Arkansas from 1977 until 1979.
He last practiced law in 1983, between his first and second terms as governor of Arkansas.