Dominic Battiniello was detained in Preston this morning following an appeal for information.
Officers named the 26-year-old last week as someone they would like to speak to after it was alleged a man in his 70s had a knife held to his throat in his own home.
The robbery happened on September 16 after a man and a woman forced entry into a house in Wolseley Road, in the Broadgate area of the city.
It was claimed the man held a knife to the occupant's throat while the woman searched the house, taking jewellery and cash.
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Police put out an appeal, naming Battiniello and urging members of the public to get in touch if they knew his whereabouts.