Yes, an arrow can be tracked. If you are looking for your lost arrow, or if you want to track the progress of your shot, there are a few things you can do.
First, if you have access to the area where the arrow was last seen, look for any disturbance in the vegetation. An arrow will often leave a distinctive mark as it passes through leaves and branches. You may also be able to spot where the arrow hit the ground, which can help you determine its trajectory.
If there is no obvious sign of where the arrow went, another option is to use a metal detector. Many modern arrows are made with metal tips or fletching, so they should show up on a detector. However, this method will only work if the ground is not too hard or covered in thick vegetation.
Another possibility is to use tracking dogs. If you have access to trained dogs who are good at finding objects by scent, they may be able to find your lost arrow. This method is more likely to be successful if the dog has been trained to track arrows specifically.