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I was going to suggest a helicoil which is basically a spring looking thing that screws into a slightly larger tapped hole. I don't know if pedals are a special thread though. Try a small engineering company they might be able to help.If the helicoil doesn't work then they might be able to tap a larger thread in the arm and make a threaded bush up to bring the thread back to size. It might be possible to get it welded and re-tapped if its something rare, but anything will end up costing a bit.