Former opposition lawmaker Sakoltee Phattiyakul is one of only a handful of prominent protesters to have been detained despite dozens of arrest warrants.
He was arrested at around midnight at Bangkok's main airport while returning from a trip overseas.
"He faces five serious accusations including insurrection, trespassing, inciting unrest and obstruction of an election," said Tarit Pengdith, director-general of the Ministry of Justice's Department of Special Investigation (DSI).
Sakoltee was later released by the Criminal Court in Bangkok on bail of 600,000 baht (USD 18,600) on the condition that he does not leave the country or incite unrest.
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Sakoltee led protesters to storm the building of broadcaster Thai PBS late last year.
The movement wants to replace Yingluck's government with an unelected "people's council" that would oversee reforms to tackle alleged corruption and rein in the political dominance of her billionaire family.
Top protest leader Suthep Thaugsuban faces several arrest warrants linked to the rallies including for treason, as well as murder charges linked to a deadly crackdown on opposition demonstrations in 2010 when he was deputy prime minister.