"It's a picture of the dream catcher that hangs over her bed with four feathers to represent her four brothers and sisters," says the friend. (Miley's siblings are Brandi, 23, Trace, 21, Braison, 16, and Noah, 11.) "The dream catcher is to protect them."
That brings Cyrus's current tattoo tally up to five.
She also has a heart and a small cross on her fingers, the word 'love" on her ear and the phrase "just breathe" on her rib cage in honor of a close friend who died of cystic fibrosis.
"All of Miley's tattoos have a deep meaning to her," says the friend. "They all represent family and friends close to her."