I have tiny little red dots, mostly on my right arm and i'm wondering if perhaps it's a small insect like flea or bedbug of some kind?

Likely: You are very likely correct that some little critter is chewing on you. Sometimes difficult to figure out which one exactly -- where you live in the country and time of year helps figure it out. Bedbugs seem less likely to me offhand. It's summer and so you'd expect to have lots of little flying insects and other creepy crawley bugs around. May want to use some insecticides in & around the house.

Flea/ bed bug: Bed bug bites may have no sx's/signs except for 2 small skin puncture points. A reaction may show from an hr to several days later. It can cause itchy, pink, swollen, lesions w clear center. If hypersensitive blisters may occur. Telltale sign is linear track of lesions from sequential feedings – doesn't always occur. Bites are in areas exposed while sleeping-arms, shoulders, neck ; legs.