The busts, which are of former Israeli president Chaim Weizmann and chemist Harold Baily Dixon, were burgled from “a university building” on Oxford Road in Manchester.
They were later seen defaced on social media.
Officers attended and liaised with the university and their security team as part of their ongoing enquiries.
Since the burglary, GMP has trawled through and reviewed hundreds of hours of CCTV footage and explored digital forensic opportunities.
Local officers have been out speaking with the university community, members of the public and key partners to support the investigation and provide reassurance to those people who have been affected.
A 25-year-old man has been arrested on suspicion of aggravated burglary this morning. He remains in custody for questioning.
Detective Chief Inspector Jill Billington, said: “We know that this incident has caused considerable distress across the community, many of which have come to Manchester to work and study.
“We understand that this has caused upset and unrest and we know that the shockwaves are being felt much wider than the local student community.
“We will always take incidents of this nature very seriously and we have been working with partners around the clock, and I am pleased to say that this morning we have made an arrest.
“This is only the first step, there is much more work that is happening behind the scenes to apprehend all those involved.”
Ch Insp Billington added: “I hope the latest action reassures our communities and sends a message to those intent on committing these types of criminal acts. It’s not acceptable and is not tolerated in Greater Manchester.
“We are continuing to appeal for information and ask anyone who may have seen something suspicious to contact us as a matter of urgency, please don’t assume we already know this information.”
Police ask anyone with information to contact them via 101 or gmp.police.uk, quoting log 4035 of 01/11/24.
A public portal has been set up for those who have information or footage to submit this directly here: Public Portal
The independent charity Crimestoppers can also be contacted anonymously on 0800 555 111.
