Sadly for you, it does not. If a source would deal 0 damage, then it doesn’t deal any damage at all. In this situation, the Pest’s power is 0, so it won’t assign or deal any damage during the combat damage step. And because the Arrow can only target a creature that actually dealt damage this turn, you’re not going to be able to use the Arrow on the Pest, since it’s not a legal target for the Arrow.
Today’s Rules Tip written by Nate Long