The 25-year-old man was detained by anti-terror officers in Newport, Wales, London's Metropolitan Police said in a statement.
"A search is taking place at an address in the Newport following the arrest," police added.
Thirty passengers were left injured when the bomb, which is thought to have malfunctioned, went off on a London Underground train at the Parsons Green station during rush hour on Friday morning.
The Wales arrest widens the police probe which detained two suspects in England on Saturday.
An 18-year-old man was apprehended at the Dover ferry terminal, a main link to Europe, followed by a 21-year-old man in Hounslow in west London.
"This continues to be a fast-moving investigation. A significant amount of activity has taken place since the attack on Friday," said Dean Haydon, the Metropolitan Police's head of counter terrorism command.
"Detectives are carrying out extensive inquiries to determine the full facts behind the attack," he added.
Police are continuing to search a commercial property in Hounslow and two other addresses in Surrey, south-east England.
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