Arpeggios are the notes of a chord played independently rather than together. This means simply that the chord is “broken” and the notes are played moving in alternate steps…just like playing a major (or minor) scale.
The difference being of course that when playing or practicing, you play the notes of the chord or chords. Check out the graphic below for a visual explanation using the C Major 7th and F Major 7th chords.
You should now review the sections of this site entitled “Piano Chords” and “Chord Inversions” and practice the arpeggios of the chords you have learned and their inversions.
When practicing remember to “run” or play the notes both ascending (going up the piano keyboard) and descending (going down the piano keyboard).
There’s great value in learning and practicing arpeggios. Learning them will solidify your knowledge of the notes used to create a chord, help in increasing your finger independence and dexterity, and along with scales will give you the basics for improvising on the piano.