The man was arrested by Kent Police in the port area of Dover this morning under the UK's Terrorism Act. He was taken into custody at a local police station and then transferred to a south London police station.
Hours later counter-terrorism specialist firearms officers began evacuating buildings to search at a particular residential address in Sunbury, Surrey, south-east England.
They said the evacuation was a "precautionary measure" following the first arrest in the investigation into the bombing of the underground train a day earlier.
At least 30 people were injured during the attack in which an improvised explosive device (IED) was detonated on a Tube train at Parsons Green underground station during the morning rush hour yesterday.
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Basu, also the UK's Senior National Co-ordinator for Counter Terrorism Policing, seemed to indicate that the force was still on the hunt for further suspects.
"This arrest will lead to more activity from our officers. For strong investigative reasons we will not give any more details on the man we arrested at this stage," he said.
UK security minister Ben Wallace had said earlier today that there was "potentially a very dangerous individual or individuals out there and we need to track them down."
The Met Police said so far detectives have spoken to 45 witnesses and continue to receive information from the public to the confidential anti-terrorist hotline.
The Islamic State group has said it was behind the bomb but Met Police's Assistant Commissioner Mark Rowley said it was "very routine" for ISIS to claim the attack, whether in contact with those involved or not.
It is part of the first phase of Operation Temperer, activated when the terror threat level reaches its highest possible. "This is a proportionate and sensible step which will provide extra reassurance and protection while the investigation progresses," May said.
UK Home Secretary Amber Rudd chaired a meeting of the emergency response COBRA committee today to confirm that the terror threat level would remain at critical.
May took the decision after the independent Joint Terrorism Assessment Centre recommended raising the threat level to critical - meaning another attack is expected.
The blast, which is being described as a "bucket bomb", sent a "fireball" through the Tube causing burn injuries to many commuters. The main device, which had been fitted with a crude timer using shop-bought fairy lights, failed to detonate, meaning hundreds of people were spared death and serious injury.
Met Police Commissioner Cressida Dick described the attack as "cowardly and indiscriminate" as she joined her forces on the ground today to patrol the streets on London.
Dick travelled by Tube before joining Met officers patrolling the South Bank of the river Thames to highlight the very visible hike in police presence on the streets of the British capital. "London has not stopped after other terrible attacks and it will not stop after this one," she said.