The only thing "clunky" about it IMHO is the synthetic variable $found and even that's not so bad. You could the code it in a sub to isolate it a bit:

# note, assumes we're in a scope that knows about @a and @b
sub check_a_b {
   my ($a,$b) = @_;
   for (0..$#a) { return 1 if $a eq $a[$_] && $b eq $b[$_]; }
   return 0;
}
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Or you could transmogrify the arrays to hashes but if you're updating the arrays throughout the code, you'll have to update the hashes too and that can be a bit of a pain.