To see an arrow in your dream represents the targets you are reaching for and the goals you are setting for yourself. If you are hit by an arrow, then it refers to a release or exposure of some tension and pressure. Consider the body part that the arrow hits.
To see an old or broken arrow symbolises disappointments and severed relationships. Alternatively, it may indicate that you have changed your mind about some decision.
To see a two-headed arrow in your dream signifies opposing ideas and viewpoints. You need to consider both sides.
In the Freudian school of thought, an arrow symbolises the penis and its ability to penetrate.