You get +2 to-hit from the arrow, and +2 to-hit from the bow, so you get a total of +4 bonus to hit.
However, the actual weapon hitting your foe is a mere +2 arrow. So, you have +4 to hit, but only hit as a +2 weapon.
Otherwise, you could dispatch vampires with normal arrows and a nice bow, and that would be wrong.
BUT! There are bows which provide their own ammo, and the ammo of those bows hits as a weapon of the same power as the bow's bonus. In other words, the Gessen Bow +4 shoots arrows which are +0 to-hit, but hit as +4 weapons. Likewise, the very nice shortbow called "Tasheron's Bow" provides unlimited phantom arrows, each of which strikes as a +3 weapon.
-- Nifft
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