The Collaborative International Dictionary of English v.0.48:

Arrowwood \Ar"row*wood`\, n.
   1. A shrub (Viburnum dentatum) growing in damp woods and
      thickets; -- so called from the long, straight, slender
      shoots. Also, any of several other similar small trees
      whose straight shoots were used for making arrows.
      [1913 Webster]

WordNet (r) 3.0 (2006):

Viburnum dentatum
    n 1: deciduous shrub of eastern North America having blue-black
         berries and tough pliant wood formerly used to make arrows
         [syn: arrow wood, southern arrow wood, Viburnum
         dentatum]