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function choose_from_menu() {
    local -r prompt="$1" outvar="$2" options=("${@:3}")
    local cur=0 count=${#options[@]} index=0
    local esc=$(echo -en "\e") # cache ESC as test doesn't allow esc codes
    printf "$prompt\n"
    while true
    do
        # list all options (option list is zero-based)
        index=0 
        for o in "${options[@]}"
        do
            if [ "$index" == "$cur" ]
            then echo -e " >\e[7m$o\e[0m" # mark & highlight the current option
            else echo "  $o"
            fi
            (( index++ ))
        done
        read -s -n3 key # wait for user to key in arrows or ENTER
        if [[ $key == $esc[A ]] # up arrow
        then (( cur-- )); (( cur < 0 )) && (( cur = 0 ))
        elif [[ $key == $esc[B ]] # down arrow
        then (( cur++ )); (( cur >= count )) && (( cur = count - 1 ))
        elif [[ $key == "" ]] # nothing, i.e the read delimiter - ENTER
        then break
        fi
        echo -en "\e[${count}A" # go up to the beginning to re-render
    done
    # export the selection to the requested output variable
    printf -v $outvar "${options[$cur]}"
}

function choose_from_menu() {
    local -r prompt="$1" outvar="$2" options=("${@:3}")
    local cur=0 count=${#options[@]} index=0
    local esc=$(echo -en "\e") # cache ESC as test doesn't allow esc codes
    printf "$prompt\n"
    while true
    do
        # list all options (option list is zero-based)
        index=0 
        for o in "${options[@]}"
        do
            if [ "$index" == "$cur" ]
            then echo -e " >\e[7m$o\e[0m" # mark & highlight the current option
            else echo "  $o"
            fi
            (( ++index ))
        done
        read -s -n3 key # wait for user to key in arrows or ENTER
        if [[ $key == $esc[A ]] # up arrow
        then (( cur-- )); (( cur < 0 )) && (( cur = 0 ))
        elif [[ $key == $esc[B ]] # down arrow
        then (( ++cur )); (( cur >= count )) && (( cur = count - 1 ))
        elif [[ $key == "" ]] # nothing, i.e the read delimiter - ENTER
        then break
        fi
        echo -en "\e[${count}A" # go up to the beginning to re-render
    done
    # export the selection to the requested output variable
    printf -v $outvar "${options[$cur]}"
}

function choose_from_menu() {
    local prompt="$1" outvar="$2"
    shift
    shift
    local options=("$@") cur=0 count=${#options[@]} index=0
    local esc=$(echo -en "\e") # cache ESC as test doesn't allow esc codes
    printf "$prompt\n"
    while true
    do
        # list all options (option list is zero-based)
        index=0 
        for o in "${options[@]}"
        do
            if [ "$index" == "$cur" ]
            then echo -e " >\e[7m$o\e[0m" # mark & highlight the current option
            else echo "  $o"
            fi
            (( index++ ))
        done
        read -s -n3 key # wait for user to key in arrows or ENTER
        if [[ $key == $esc[A ]] # up arrow
        then (( cur-- )); (( cur < 0 )) && (( cur = 0 ))
        elif [[ $key == $esc[B ]] # down arrow
        then (( cur++ )); (( cur >= count )) && (( cur = count - 1 ))
        elif [[ $key == "" ]] # nothing, i.e the read delimiter - ENTER
        then break
        fi
        echo -en "\e[${count}A" # go up to the beginning to re-render
    done
    # export the selection to the requested output variable
    printf -v $outvar "${options[$cur]}"
}

function choose_from_menu() {
    local -r prompt="$1" outvar="$2" options=("${@:3}")
    local cur=0 count=${#options[@]} index=0
    local esc=$(echo -en "\e") # cache ESC as test doesn't allow esc codes
    printf "$prompt\n"
    while true
    do
        # list all options (option list is zero-based)
        index=0 
        for o in "${options[@]}"
        do
            if [ "$index" == "$cur" ]
            then echo -e " >\e[7m$o\e[0m" # mark & highlight the current option
            else echo "  $o"
            fi
            (( index++ ))
        done
        read -s -n3 key # wait for user to key in arrows or ENTER
        if [[ $key == $esc[A ]] # up arrow
        then (( cur-- )); (( cur < 0 )) && (( cur = 0 ))
        elif [[ $key == $esc[B ]] # down arrow
        then (( cur++ )); (( cur >= count )) && (( cur = count - 1 ))
        elif [[ $key == "" ]] # nothing, i.e the read delimiter - ENTER
        then break
        fi
        echo -en "\e[${count}A" # go up to the beginning to re-render
    done
    # export the selection to the requested output variable
    printf -v $outvar "${options[$cur]}"
}

Update:

While the above code is for Bash, @lukeflo ported the code to zsh, as he commented below. He has moved things around, so disregard the links in the comments and his example implementation can currently be found here, but if it goes missing (again) a snapshot can be found here.