When you load a Dispenser with Arrows and shoot it, it will "jump" back a block. This happens only until it's fired a certain distance (5 blocks between dispenser and wall) and is multi-directional. You can still pick up the arrow from where it should show up -> only a graphical glitch. Also, if the distance between dispenser and wall is only one block, the arrow will show up half way in the dispenser.
Duplicate of MC-12133, please use the search function to see if your bug has already been submitted. Currently over 54% of tickets are being closed as duplicate.