I'm saving my vote until you add the option "Only with magically-enhanced arrows ... then yes!"
Otherwise I think arrows are not special enough to penetrate dragonhide or their scales which are better than any platemail.
The best you could hope for is that each dragon has one spot of weakness like in the movie the Hobbit, but even in the Hobbit the dragon was brought down by a special arrow called The Black Arrow which was magical, and the man that shot the killing shot was a master at Archery, so he also had to make this impossible shot from a long ways away.
Not even an arrow fired from a bowman of such skill that he doesn't need magically-enhanced arrows? Silver weaponry, while most notably effective against Vampires, Ghosts, and Werewolves, is demonstrated to cut through almost
all supernatural protections. Dwarven arrows are made of an unreplicable metal, capable of punching through steel armor with ease. Elven craftsmanship can work steel so expertly that it has an edge hard and sharp enough to slide into the finest of gaps, so it could puncture a dragon through the scales. Both volcanic ceramics, Ebony and Glass, are sharp enough to cut through all known materials. Dragon Hide shouldn't prove a problem. The Daedric Spirit worked into an Ebony weapon enhances the edge to a supernatural degree, cutting through all things before the physical edge makes contact.
The power behind each of the bows become increasingly more powerful as well, launching arrows with much greater impact force than possible in real life.
Are you sure a non-magic arrow can't do the job?