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There are many ways to do it..... here's one basic way....

If the arrow is on a separate image, double click the flattened image layer to make it a layer of its own. use the magic wand to select the background then hit delete. You may have to adjust the wand's tolerance setting so it will select just the background and nothing else.

Then drag the arrow into the new work document.

Hope this works for you. Like I said, there's other ways but it may depend on the arrow image you have.