Probably the easiest way is to make your arrow in the Premiere Titler. Place the title on a track above your base footage and it should automatically appear as an overlay that is transparent except for the title content.
If you want to move the arrow around, then use Motion in the Effects Control window after the title is on the timeline.
Another way is to make the arrow in PhotoShop (or similar), but the technique requires knowledge of how to make transparent backgrounds and is less straightforward than the titler for people unfamiliar with the software.
To make the arrow, you have a choice of drawing it by hand or finding a suitable font character.
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