An over simplified description of a chaser is just a dulled tap. It will also slightly reform deformed threads.
The difference in using a bolt and a tap is the od. A tap cuts a deeper thread than the bolt uses. Typically, a bolt has only 75% intereference in a threaded hole, thus the reason why your bolt fits. Then the other thing is the thread pitch, since a larger od bolt fits, then I would assume the pitch is off.
There are different classes of thread fits, depending on purpose.
I assume you have tried different studs in that same hole you are having problems with. Will none of them fit? Or that stud in other holes?
I think ARP studs are rolled, (which are stronger than cut) so if it is just the one stud, it may be off spec.
If you have a piece of aluminum and the right sized tap, try tapping a hole and seeing if the stud fits in that.
If you find your stud is good then you can clean up the thread in your hole by using a tapered starter tap first with lots of cutting oil turning gently, being carefull to be straight. Finish by using a bottom tap.
Have done lots of rethreading without using chasers, without any problems, just be carefull. If it were mine, and the hole was found to be the culprit, I would recut it. I wouldnt cut the thread on the stud, though it probably would work too.
Find a copy of Machinist Handbook, everything you'll ever need to know about and work with metal. All the different classes of threading and fits is detailed.
BTW, Rigid, of plumbing fame, has one of the best cutting oils I have found, should have it at Homey Depot.