White with bronze tones on the mantle and head with black eyes. There are two arrow squid species that are not differentiated at harvest (Nototodarus gouldi and N. sloanii). Both species have smooth cylindrical bodies and short, pointed tail fins. Males have tubercles as well as suckers on their ventral arms. They belong to the Ommastrephidae family (arrow squids). They are pelagic species found over the continental shelf from the surface waters to the bottom at depths of up to 500 metres. They tend to concentrate in areas of up-welling and oceanic convergence. N. gouldi occurs in the warmer waters around the North Island and the northwestern South Island, while the more predominant N. sloanii is present along the southeast coast of the South Island and in southern waters.

Evidence suggests that both species live for about 18 months and spawn once before dying. In New Zealand waters, both species are caught on the edge of the continental shelf, usually by jigging or trawling.

Similar species are found around southeast Australia, Fiji, the Philippines, and South Africa.