Phoenix police said they had arrested Daniel Mota Dos Reis, 36, in connection to a burglary.
"We are very thankful that the Phoenix Police Department acted so quickly to arrest a suspect," Hobbs' campaign manager, Nicole DeMont, said in a statement.
In recent days, Hobbs' campaign and Republican opponent Kari Lake have traded barbs over the incident.
Hobbs' campaign said Lake's harsh rhetoric and embrace of Trump's election falsehoods created the conditions for the burglary to take place.
They added that police had recovered the items allegedly stolen by Dos Reis.