Kevin Riddle, a 25-year-old Indiana resident, was booked into the Maricopa County (Ariz.) jail late Wednesday night on possession of stolen property. He was driving Stenson's 2002 Isuzu Rodeo in nearby Mesa at the time of the arrest, two hours after the murder.
Police said Stenson, 25, appeared to have been shot and run over when it was discovered.
Riddle will remain an investigative lead while they determine who is responsible for the murder, police said.
Chandler police found Stenson's body lying in a roadway in the 2200 block of West Butler Drive shortly after receiving a report that gunshots were fired at approximately 1:45 a.m.
Witnesses informed police a black sport utility vehicle fled the scene.
Stenson was playing in the Arizona Fall League at the time of his death. He made his major league debut with the Reds this past season. In 37 games, he batted .247 with three home runs and 13 RBI.
"Dernell was a very good player, but an even better guy," said Frank Burke, owner of the Chattanooga Lookouts, the Reds' minor league affiliate in the Southern League. "He always had a smile on his face and was great with kids."