The Arizona Game and Fish Department says the doe was found southwest of Bill Williams Mountain along a U.S. Forest Service road.
Wildlife manager Mike Rice says the doe had an arrow through its lungs.
Rice says investigators have little information or evidence on the poaching incident near Williams.
It happened around Jan. 24 during an archery season for deer bucks. Rice says it's possible the doe was shot from the road.
The department is offering a $250 reward for information leading to an arrest.