A spokeswoman for Scotland Yard said that the arrested man had been released on bail without charge until December 30.
Members of the band had spent the previous evening attending the annual awards ceremony run by Q magazine, where they picked up the trophy for the Best Act in the World.
Such superlatives reflect Oasis' current position as one of the most successful groups of all time. At Knebworth in August they played to 250,000 fans - the biggest British audience ever to pay to see a single act.
The continued popularity of their 1994 album Definitely Maybe, was topped in October last year by the release of What's the Story (Morning Glory) which now holds the record as Britain's fastest selling album.
The outlook for Oasis dimmed this summer, however, when a 14-date tour of the United States was disrupted, and then finally abandoned, after obvious signs of strain between Liam and his 29 year old elder brother and fellow band member Noel.
Liam unexpectedly flew back to London and to his girlfriend, the actress Patsy Kensit, claiming he had to find somewhere for them to live. Repeated violent arguments between the brothers led to speculation that they would never play together again, but the band are now working on a third album.