Yes there does seem to be one, its really annoying, its like when a target is too far away I can't hit it no matter where I aim and I'm even compensating for gravity, there seems to be a point where arrows disappear about 50 feet out, I also tested shooting one straight up at full pull strength and it never came back down, or anywhere nearby cause of the wind, but I doubt wind effects arrows in this game anyway, in Oblivion they would land right on top of me, but in Skyrim they just disappear when you shoot them far enough, hens a range limit.