This arrow location icon indicates that some apps are using the location services which will trigger the Location Services notification icon on top of your screen.
You can disable it by going to iPhone’s Settings > Privacy > Location Services > System Services > Status Bar Icon (toggle left to disable this arrow location icon).
Why is my iPhone still showing an arrow location icon even I disabled the Status Bar Icon for it?
Some iPhone users noticed that they still saw this arrow location icon in their iPhone even when they have already turned them off and it is still showing constantly. If you want it to go away, then you have to turn off any apps that always have access to your location services. If you are not sure which one is using it, then just turn off any apps that are using location services. Though the common app using location services is the weather app.
How to turn off all the apps causing the location arrow icon showing up?
You can disable the location arrow icon entirely by disabling all apps that use the location services as following steps, iPhone’s Settings > Privacy > Location Services > disable all apps by setting them to “Never”.
By disabling this also benefits your iPhone in saving tons of battery life and keeping your iPhone battery life longer without needing to charge frequently. If you have more doubts on iPhone’s notification icons, click here to find out more notifications icons for iPhone that you didn’t know what it means until you see it.