Q:

Homing arrows, how can they work? 

In paper, the reason why Joerg and various whacky bows and crossbows made a return and phased out guns in this setting is because of two factors:

Cheap homing arrows.  Even anti-material rifles, like the .50 cal, aren't worth much when you don't have to be in the line of sight to hit its user.  Sure, a Barret is a long-range weapon, but the cloaking and obfuscating tech is ought to take care of that.  And by obfuscating, I mean a White-Walker-style personal fog, that you can apply to the enemy or yourself, at your convenience. 
The arrows are capable of delivering deadly payloads.  The most common one is an air-fuel explosive, which has enough power to cause severe internal bleeding and death via drowning in your own blood. 

There are other factors, of course, like the complexity of firearm production, an abundance of high-strength armor materials, and sectoids that can mind-control people, which is instant-TPK (total party kill) when it happens to the gunner of the squad.  
For now, let's focus on the homing arrows.  I need them to be easy to make with an increased range, homing, self-steering, and the ability to carry a payload with minimal increase in drag.  How could such an arrow work? 

A:

In WWI, aircraft sometimes dropped flechettes on the enemy.  During the Viet Nam war, this was revived in the form of the "Lazy Dog", .50 caliber bullet sized projectiles that simply fell from the sky and killed though kinetic energy. 

WWI era Flechette

Lazy Dog projectiles
The issue with arrows is unless there is a very powerful bow, like a steel crossbow with a 1200 lb draw (and using a winch mechanism to span), you might not have the ability to loft an arrow high enough to carry a seeker and warhead, much less be high enough to have a wide scanning area and sufficient kinetic energy when it drops from the sky.  Adding extras like a rocket motor simply compound the problem (the rocket would make the arrow quite heavy, and need to ignite on launch in order to provide the "loft" needed, endangering the archer). 
The actual seeker head on the tip and actuators moving the fetching isn't really a big deal, this is essentially how ATGM's, guided missiles and even "smart" artillery shells work.  Modern technology has brought this down to the size of 81mm mortar rounds, "Mini Spike" APGMs (Anti Personnel Guided Missiles) and even (without the actuators or fins) 20 and 25mm "smart" grenades designed to be fired by rifle sized grenade launchers such as the XM-25. 
Where your idea fails is the arrow isn't going to be moving fast enough to really get a great deal of control authority from the small fins, or even much range, especially compared to modern firearms, rockets, missiles and artillery weapons.  The mechanical energy stored in the arms of the bow isn't sufficient for that sort of task.  A large explosive or Fuel Air warhead makes the arrow even heavier and slower, and thus less effective.  Adding a rocket motor essentially negates the need for a bow in the first place. 
The only other "arrow" which can overcome these issues is the type which is fired from 120mm tank cannons - an APDS-FS round.  This gives the combination of range, striking power, speed for control authority of the fins and actual room for sensors and actuators (although at this time no one has actually produced a guided APDS-FS round).  For an explosive warhead you would be looking at HEAT-MP rounds.  The closest things to what you are talking about are "Through Tube Missiles" (guided missiles fired through a tank cannon, like LAHAT, with a range of 13km), or the K-STAM (Korean Smart Top Attack Munition) which has an 8 km range and seeks enemy armour in the terminal phase, using its sensors and fins to position itself over the top and fire it's HEAT warhead down through the roof of the target). 
No bow that a human could easily carry can launch a guided arrow with the sort of performance that is comparable to modern weapons in terms of range, maneuverability or payload.  You are probably looking at a ballista to launch a guided arrow. 

This has the mechanical energy necessary for a long range, guided arrow with an explosive warhead

A:

Giant trained kamikaze dragonflies. 
The modern equivalent is modern LMAMS, portable lethal drones like the SwitchBlade and Hero-30, which have longer range and higher precision than firearms and may make them obsolete.   
Biological systems like birds have broadly similar flight characteristics; a giant dragonfly would be much cooler and removes the need for technology development.  
They could be trained to dive into soft targets and then used against live humans.