eureka eureka:
I would say that there is a case to be made for his arrest on charges of violation of the Geneva Convention. That warrant is good anywhere and being a citizen of another country is not a protection.
I merely point out that, also, it is a violation of America's own laws relating to War Crimes.
In 2002 this came up with regards to Bill Clinton's illegal actions against Yugoslavia and some clever Euro lawyers threatened to have him arrested while he was in Italy on a trip. The US State Department informed The Hague that arresting former President Clinton would be viewed as a 'grave act against the interests of the United States of America.'
For those of you who do not speak diplospeak, this is how nations tell other nations that if you do this thing you say you want to do then we won't be on speaking terms anymore.
Arresting Cheney would result in bloodshed and Obama himself would be powerless to stop it because there are mechanisms in place in the USA to prevent this kind of thing from occuring. Also, Obama would not allow the precedent of a former administration official to be arrested because then once he's out of office his successor could easily arrange a similar fate for Mr. Obama.
Summary: It won't happen. Not to any former US President or VP. Period.