β-Arrestins 1 and 2 are ubiquitously expressed proteins that play a dual role in G protein-coupled receptor (GPCR) signaling. On the one hand, arrestins are central to the termination of G protein-mediated receptor signaling and subsequent clathrin-dependent internalization. On the other hand, these proteins act as molecular scaffolds for G protein-independent GPCR signaling. This review provides an overview of how these dual functions of arrestins contribute to the biological outcomes associated to the activation of different brain GPCR. It also explores recent evidence suggesting how the dual function of arrestins can lead to the development of more selective pharmacological approaches for the treatment of central nervous system disorders such as chronic pain, bipolar disorder, major depression, and schizophrenia. Development of such approaches may lead to new drugs having better clinical efficacy and lesser side effects.