It's almost as simple as turning it off and on again, but if you would like to restore your Arctis Gamebuds to factory defaults, please do the following:
Make sure to download the Arctis Companion App from the Apple Store or the Google Play Store.
Open the Arctis Companion App → Go to Settings → Click Restore Factory Defaults
The Arctis GameBuds can also be factory reset in GG on your computer.
GLHF!