A statue of the 17th Century slave trader Edward Colston was torn down during a Black Lives Matter protest in the city on June 7. The bronze memorial was later dumped into Bristol harbour.
Avon and Somerset Police said no arrests were made at the time but the force said it would be reviewing footage of a “small group of people” who were filmed pulling down the statue with ropes.
The force said on Monday a 24-year-old man had been arrested on suspicion of criminal damage and has since been released under investigation.
The statue of Edward Colston had been in the city centre since 1895.
Edward Colston statue: A 24-year-old man has been arrested on suspicion of criminal damage
After it was toppled, the statue was thrown in the water near Pero’s Bridge.
The council has since retrieved the statue and it will now be displayed in a museum along with placards from the Black Lives Matter protest.
Detective Superintendent Liz Hughes said in an appeal on June 22: “The incident attracted worldwide attention and there’s no denying it has polarised public opinion.
“But in the eyes of the law a crime has been committed and we’re duty-bound to investigate this without fear or favour.
“I’d like to reassure people we’re carrying out a thorough, fair and proportionate investigation and have sought early investigative advice from the Crown Prosecution Service.”
Avon and Somerset police said an investigation remains ongoing.
Anyone with information is asked to contact the force on 101, providing the reference number 5220123926, or anonymously via the charity Crimestoppers.