The BBC reports the Brazilian was pulled over after being spotted driving erratically and then refusing to pull over.
Santos was eventually stopped near the Gunners' north London training ground in London Colney, Hertfordshire.
A Metropolitan Police spokesman told the BBC: "Shortly after 9.30am on Friday August 17, a 29-year-old man was arrested on suspicion of dangerous driving and failing to stop for police on the A1, near to Junction 22 of the M25.
"Officers' attention was drawn to the vehicle due to the manner of its driving.
"The man has been bailed to return at a date in mid-September to a North London police station."
Police added that the player was not breathalysed.
The Sun newspaper reported that Santos was driving a £110,000 black Maserati GranTurismo supercar at speeds of 130 mph as he "weaved in and out of rush-hour traffic" in a bid to lose the pursuing police.
Santos, 29, must answer bail next month and faces up to two years in prison if the case goes to crown court and he is convicted, the paper added.
Santos, who arrived in England from Turkish side Fenerbache before the start of last season, did not feature in Arsenal's opening match of the new campaign on Saturday. His team-mates were held to a goalless draw by Sunderland at the Emirates Stadium.