The VBM Freccia is the result of combining the hull of the B1 Centauro and the HITFIST turret found in the Dardo IFV. Although externally similar, the hull of the VBM has some differences to that of the B1, notably by having a slightly wider wheelbase, a slightly longer hull, and an appliqué passive armor package that gives it greater protection against small arms (up to 30-mm rounds in the frontal arc) and shrapnel. The hull is also modified to carry up to six infantrymen in a rear troop compartment, with entry and dismounting done through a power-operated rear ramp. The HITFIST turret is essentially unchanged from that of the Dardo, but some feature the more modern HITFIST Plus, with Spike-LR ATGMs replacing the TOW missiles. The 25-mm Oerlikon Contraves KBA cannon is retained in both models, and options to carry different turrets (including one with a 60-mm gun) are also offered. Initially designed as a private venture, the VBM has since been adopted by the Italian Army and has been deployed in Afghanistan. No export orders have been received so far.

Initially known as the Centauro VBC, the prototype was completed in 1996 and offered as a private venture. Orders from the Italian Army were subsequently received where it received the designation VBM Freccia ("Arrow"). Aside from the basic APC variant, vehicles in current Italian service include a mortar carrier, command vehicle, armored ambulance and armored recovery vehicle.