It's not (just) the .ttf file which is protected and needs to be licensed. 
It is the actual typeface / appearance / design for which you have to pay. 
What you are trying to do wouldn't solve your problem either. As an example 
an excerpt from the license text 
<http://www.myfonts.com/viewlicense.php?lid=1444>of myfonts.com:

3. Embedding Font Software and Representations of Typeface and Typographic 
> Designs and Ornaments. You may embed the Font Software only into an 
> electronic document that (i) is not a Commercial Product, (ii) is 
> distributed in a secure format that does not permit the extraction of the 
> embedded Font Software, and (iii) in the case where a recipient of an 
> electronic document is able to Use the Font Software for editing, only if 
> the recipient of such document is within your Licensed Unit. 
>
> *You may embed* static graphic images into an electronic document, 
> including a Commercial Product, (for example, a “gif”) with a 
> representation of a typeface and typographic design or ornament created 
> with the Font Software as long as such images are not used as a replacement 
> for Font Software, i.e. *as long as the representations do not correspond 
> to individual glyphs* of the Font Software and may not be individually 
> addressed by the document to render such designs and ornaments.
>
I bet that a similar (if not the same) license applies also to Arial.

How about browsing Google Web Fonts <http://www.google.com/webfonts/>? Most 
licenses there are pretty friendly for your use case.
 



On Friday, August 10, 2012 4:29:10 PM UTC-5, bob wrote:
>
> Okay.  So, it is illegal to put Arial.ttf in my Android App without paying 
> a lot of licensing fees to the Arial people.
>
> Is it ok to use a Bitmap Font generator with Arial and put the resulting 
> PNG bitmap file in my Android App?
>
>
>

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