This is not a precisely accurate respresentation of the flag but I tried to make it close.
A diamond on a red field represents the only place in North America where diamonds have been discovered and mined. The 25 white stars around the diamond mean that Arkansas was the 25th state to join the Union. The top of 4 stars in the center represents that Arkansas was a member of the Confederate States during the Civil War. The other 3 Stars represent Spain, France and the United States, countries that had earlier ruled the land that includes Arkansas.