Named after Aryabhata I - Indian astronomer, mathematician (476-c.550).
The crater has been almost submerged by lava-flow, and now only an arc-shaped ridge formed from the eastern half of the rim remains above the lunar mare. This crater was previously identified as Maskelyne E before being named by the IAU in 1979. (wikipedia entry)
A crater is a circular depression likely created by an impact event. On the Moon they are named after deceased scientists, polar explorers, astronauts or cosmonauts.