Hm, I looked a little around and often the same pair of arms are refered to as "the first two" or "front two"
So basically the octopus has a "front" and "back".
this nicely shows in this picture here for example:
Note that the octopus faces left although he is about to move towards the camera sideways, one eye leading the body. So the opposide of the mantle has to be the front part

Although I think most pepole who see this picture would say that the octopus faces right. It just looks more natural to most people, but when you consider the position of the beak, it all makes sense that he actually faces left
Most octos don't really seem to care though :P