Here's the breakdown:
* Literal meaning: Arrows are physical projectiles that can cause harm.
* Figurative meaning: "Arrow" represents something that can cause harm, like criticism, insults, or bad luck. "Wit" represents intelligence, cleverness, and the ability to avoid or deflect such harm.
Therefore, the entire phrase is a metaphor for someone who is intelligent and able to avoid negative consequences.
The metaphor uses the image of an arrow to convey the idea of something that can hurt, and it implies that the person with "wit" is able to skillfully dodge or deflect these attacks.