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What does a horseshoe symbol with 2 arrows pointing towards it dot the dashboard light two facing each other on Lexus RX330 mean?

Vehicle Stability Control (VSC) indicator

Your Vehicle Stability Control system is turned off if there's just the horseshoe with the lines in a circle.

When you see the "VSC Off" symbol, then that means it's fully turned off. That said, it's recommended you let VSC do its duties unless absolutely necessary to turn off.