West Midlands Police say they believe the man stole the phones from concertgoers at a show by band The Libertines in Birmingham, central England.
The 30-year-old and a second man, who was also arrested, were spotted at the venue with their trousers taped closed at the bottom.
Police were on the lookout after reports of phone thefts during an earlier Libertines gig in the northwest England city of Manchester.
Police Inspector Gareth Morris said today that anyone whose phone was taken during yesterday's show should contact officers.