The initial velocity may be higher than terminal velocity. Assuming that the arrrow doesn't hit anything, eventually it starts heading straight down, and it's speed decreases or increases until the aerodynamic drag matches the gravitational pull.
For a human skydiver with a typical jump suit in a semi-prone position (leg's bent a little), terminal velocity is about 120mph.
Note that there can be other forces as well, even a propelled object will reach terminal velocity when aero-dynamic drag forces equals the propelling force which can include gravity.
Any form of energy will work. For example, two air streams flowing at different speeds realitvely close to each other can be used as a power source for radio control gliders. Typically this happens on the downwind side of a ridge, where there's a near horizontal flow of air just above a large pocket of air that is barely moving or possibly moving the opposite way due to circulation. Taking advantage of this is called dynamic soaring. The most recent record for this is 301mph (as captured by a radar gun), well above the free fall terminal velocity for a glider.
If interested, a video was made of the 301mph run (although zoomed in too close), plus some other dynamic soaring videos where you can get a better look, at this web page:
http://www.slopeaddiction.com/thekids.html