An arrowhead comprises an elongated body having front and rear ends, means at the front end of the body for accepting an arrowhead tip, and means at the rear end of the body for coupling the body to an arrow shaft. At least one blade or barb member is pivotably mounted to the body such that the blade member is movable between a first position, in which the free end of the blade is disposed rearward of the mounting location and a major portion of the blade is positioned adjacent the body, and a second position, in which the free end of the blade is disposed radially outward of the mounting location. A flexible ring is disposed around the circumference of the body, and a notch formed in the blade member is configured to engage the flexible ring to releasably retain the blade member in the first position.