Level shift from 5V to 3.3V (and vice versa) using 74HC4050N,652
The chip you selected can take a supply voltage input (vcc) from -0.5 to 7V; providing such a supply will guarantee that you will not damage the chip. However the recomended voltage range for Vcc is from 2 to 6v, therefore you should work within this range.

The voltage level of the output signal from the chip will depend on the value of VCC. So the output signals (Y) will be High or low depending on the inputs (A) but their magnitude is dependent on VCC. 

You can see how much the output (y) will be from the first section of page 6 on the datasheet. You basically need to use a VCC of 3.3V.

SO connect VCC to 3.3V connect A1 to arduino and y1 to other (3.3v) device.