Yes, the beautiful little Arrowtown was host to two scenes for the Lord of the Rings movies. The first one is the Ford of Bruinen.
The Ford of Bruinen is where Arwen (in the movies) resp. Glorfindel (in the books) managed to shake of the pursuing Nazgul. Its a little ford through which a stream flows. However using elven magic the stream's water suddenly rose and a wave of water burst the pursuing riders away, separating them from Frodo and his rescuer.
Curiously enough though the flooding of the river was done for the movie, the movie team itself was pretty surprised when a real genuine flooding washed away some of the equipment during the filming of the Fellowship of the Ring.