Hi Anuj,
As David mentioned there is no option in SARA transaction to delete the archive file. Is your SAP system connected to any content repository. Basically once the store job runs archive files moves from sap file system temporary location to permanent location like IXOS storage box( to a content repository). Every customer has online-residence and retention policy of sap transnational data. If the retention policy for archived data is over then it can be removed from the external storage device. For better clarity you need to get in touch with either server team or basis team to get more clarity as how archived files are moved/deleted once the retention Policy is over.
Note: Once you delete the archive file from external storage device you will not be able to view the archive data from SAP. So this has to be taken care of. Thanks.