LED: Standard 5mm Red LED
Forward voltage: ~2.0V
Current: ~20mA typical (but works fine a bit lower)
Resistor: 220Ω
Keeps current around:
(5V−2V)/220Ω≈13.6mA(5V - 2V) / 220Ω ≈ 13.6mA(5V−2V)/220Ω≈13.6mA
Bright enough, but also very safe for the Arduino pin (max is 40mA per pin, recommended ≤20mA)
Forward Bias: Current (hole flow) flows through the diode.
Diode protecting a motor from flyback
Diode protecting a relay