The arrest comes after video footage circulated on social media showing Sky Sports pundits Micah Richards and Keane involved in an altercation with an individual.
Keane, a former United captain and Republic of Ireland international, was reportedly heatbutted in the incident.
Sky Sports said Richards, a former Man City and England international, was "acting to defuse a situation."
In a statement, the Metropolitan Police said: "Police are investigating an incident at Emirates Stadium on Sunday, 3 September, during which a man was assaulted.
"On Monday, 4 September, a 42-year-old man was arrested on suspicion of assault (ABH). The man has been taken into police custody. Enquiries are ongoing."