The guitars were stolen last week from a Culver City soundstage where the band had been rehearsing for an upcoming tour. The band offered a no-questions-asked reward of $7,500 for information or the return of the guitars.
Culver City Police did not release details. The arrested suspect was not identified.
The stolen guitars include Petty's blond 1967 12-string Rickenbacker and his Gibson SGTVJunior, Mike Campbell's blue Dusenberg, Ron Blair's Fender Broadcaster and Scott Thurston's 1967 Epiphone Sheridan.
The Associated Press contributed to this report.
