textcomp \textarrow not found in font family ppl TS1 encoding

Redefine the command:

\documentclass{article}
\usepackage[T1]{fontenc}
\usepackage[utf8]{inputenc}
\usepackage{mathpazo}
\usepackage{textcomp}

\renewcommand{\textuparrow}{$\uparrow$}

\begin{document}
\textuparrow
\end{document}

You can change the error into a warning by loading the package with the warn option.

\documentclass{article}
\usepackage[T1]{fontenc}
\usepackage[utf8]{inputenc}
\usepackage{mathpazo}
\usepackage[warn]{textcomp}

\begin{document}
\textuparrow
\end{document}

The output is the same, you only receive the warning

Package textcomp Warning: Symbol \textuparrow not provided by
(textcomp)                font family ppl in TS1 encoding.
(textcomp)                Default family used instead on input line 8.