The 35-year-old was held on suspicion of attempted grievous bodily harm in relation to Thursday's Incident in Kennington, south London.
An arrow landed in the grounds during a county championship clash between Surrey and Middlesex at about 4.20pm.
Play was abandoned and fans were evacuated, but there were no reports of injuries.
One witness described seeing players and umpires running off the field before hundreds of spectators were told to move inside.
Pictures showed umpire Paul Baldwin holding the pink-coloured bolt, and armed police attended the scene.
Officers are appealing for any witnesses to come forward, especially if they have any video footage.
The suspect has been released on bail until late September pending further enquiries.
Detective Constable Dominic Landragin said: "There were significant crowds watching the match.
"And it is likely that a number of those present will have footage of the incident that could assist in our investigation.
"Although nobody was injured, this was a reckless action taken with no regard for the safety and well-being of the spectators or the players.
"It is important that we trace those responsible and I urge anyone who has footage of the incident to get in touch as soon as possible."
Anyone with footage or information can call Lambeth CID on 101 or Crimestoppers anonymously on 0800 555 111.