Create a Polygon object using a GeoJSON object.

import arcpy
gjPolygonWithHole = {
    "type": "Polygon",
    "coordinates": [
        [[10.0, 0.0], [20.0, 0.0], [20.0, 10.0], [10.0, 10.0], [10.0, 0.0]],
        [[12.0, 2.0], [18.0, 2.0], [18.0,  8.0], [12.0,  8.0], [12.0, 2.0]]]}
polygonWithHole = arcpy.AsShape(gjPolygonWithHole)