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1.
a phrase used to describe the straightness of a guy that is nowhere near gay or to be "straight" on a situation.
Greg: you wanna smoke some of this crack?
Larry: Definitely not cuz, I'm straight as an arrow
Greg: arite, well wanna make out with me?
Larry: DUDE!, what did I just say?!, that term can be used both ways, I am good!
Greg: I go both ways
Larry: you're fuckin weird, why am I even hanging out with you?
by Ya Boy Trax August 14, 2010
 
2.
Lacking breast ; female's body that lacks the curves of a woman

flat
flat chested
That girl is straight as an arrow!
by Dark January 23, 2005