Fast Arpeggios are a natural feature of many melodic guitar solos. The technique involves holding down a chord shape with your left hand and playing a simple strum or fingerstyle pattern with your right hand. Your left hand should then release the notes one by one, immediately after they have been struck. This produces the effect of hearing the notes in rapid succession. Begin by trying an arpeggio with a major seventh chord shape on the top four strings. Sound each note individually, but release it at the same time as you hit the next note. At the end, only the 1st string should be ringing. When you can do this properly, with a single, quick stroke from your right hand, the four notes will sound as if they are being played very fast indeed.
Moving the shape up the fingerboard by three frets so that your 4th finger is no longer playing the root note changes the chord from a major seventh to a minor ninth. Using only the top three strings of the same chord shape, you can follow the arpeggio with a hammer-on on the 1st string with your 4th finger. This is a common cliche in jazz guitar solos.
Once you can comfortable with the arpeggio technique, you can apply it to almost any chord shape, and also combine it with hammers and bends.