The 28-year-old who had been arrested on suspicion of burglary was later released pending further enquiries.
A 42-year-old man from Preston who was also arrested on suspicion of burglary has been released no further action.
Police say they are satisfied he has had no involvement in the offences.
“I would like to reassure residents we are working hard to address those concerns and are working closely with our partners across the community.
“We are satisfied one of the men arrested, a 42-year-old man, has had no involvement in the burglaries.
“A second man arrested by police in connection with the offences has been released under investigation pending further enquiries.”
Families in Preston formed patrols to protect their communities from burglars after a number of raids on homes in recent weeks.
According to residents in the Frenchwood area, at least six homes have been targeted in the past two weeks.
Jewellery, laptops and phones worth thousands of pounds have been reported stolen from homes in Frenchwood Avenue, Manchester Road, Herschell Street and Selborne Street.
Alternatively can report it anonymously via Crimestoppers, calling 0800 555 111.
For advice about steps to reduce your risk of burglary, go to: http://socsi.in/4FXI0