Basically, "bearbeiten" describes a process by which the object is altered, often ameliorated, also in a figurative sense.
In the process described by "verarbeiten" however the object ist consumed, since it is the material (or one of the different materials) that are used to create something new.
Here you may look up the many different meanings of both words in more detail:
→
http://de.pons.com/übersetzung?q=bearbeiten&l;=deen
→
http://de.pons.com/übersetzung?q=verarbeiten&l;=deen