I think I have it. The operation requires four commands, not counting the fill clock. The arrow will still exist but will spawn fireworks that explode immediately.
Type this in chat:
/scoreboard objectives add ground dummy ground
1st Command Block on fill clock:
/scoreboard players set @e[type=Arrow] ground 0 {inGround:0b}
2nd Command Block on fill clock:
/scoreboard players set @e[type=Arrow] ground 1 {inGround:1b}
3rd Command Block on fill clock:
/execute @e[type=Arrow,score_ground=0] ~ ~ ~ summon FireworksRocketEntity ~ ~ ~ {LifeTime:-1,FireworksItem:{id:401,Count:1,tag:{Fireworks:{Explosions:[{Type:0,Flicker:0,Trail:0,Colors:[0],FadeColors:[0]}]}}}}
You can make your own firework to put in the execute command at http://www.minecraftupdates.com/fireworks but make sure the lifetime is set to -1.
I hope this helped and that this was what you were looking for.
In 1.8 you cannot rely on arrows items specifically, as no item data is transferred to the entity.
However, the bow will modify the arrow's damage value depending on the Power enchantment level. You can provide the player with a bow containing a specific Power level and then target arrows that have a particular amount of damage.
damage will normally be 2.0. If Power exists on the bow, the value is incremented by 0.5 and then for each level of Power, it will increase by another 0.5. For example, a Power 3 bow would result in a damage value of 4.0.
Example bow to provide:
/give @p minecraft:bow 1 0 {ench:[{id:48s,lvl:3s}]}
You can assign a score to arrow entities based on their damage tag value.
Objective to create:
/scoreboard objectives add BowType dummy
Example commands to run on a clock, assigning scores to specific arrows (Power 3 to Power 5):
/scoreboard players set @e[type=Arrow] BowType 1 {damage:4.0}
/scoreboard players set @e[type=Arrow] BowType 2 {damage:4.5}
/scoreboard players set @e[type=Arrow] BowType 3 {damage:5.0}
And you can target arrows based on their score.
/say Arrows shot from a Power 3 bow: @e[type=Arrow,score_BowType_min=1,score_BowType=1]
Best Answer
I'm sorry to tell you this, but no. There is not a way to light an arrow individually in vanilla minecraft without shooting it through lava or having an enchanted bow with Flame 1.