Daniel Wells Herriman, 40, of Konawa, was arrested Friday, the FBI said, The (Oklahoma City) Oklahoman reported.
Special Agent in Charge James Finch said the bomb could have done extensive damage had it exploded on the Enerfin Resources natural gas line near Okemah.
"Thank goodness Mr. Herriman is not the greatest bomb-maker," Finch said.
The device, a 12-by-12-inch pipe bomb with gunpowder inside and a timing device, was discovered Wednesday by Enerfin employees on the pipeline, about 70 miles east of Oklahoma City, officials said.
Bomb technicians removed it and rendered it safe.
On Wednesday evening, Herriman called 911 and said he had placed the bomb on the pipeline, and a subsequent search of his house turned up bomb-making components similar to those found in the pipe bomb, Finch said.
Herriman, who has criminal record, was being held in Muskogee County jail and was to make his initial court appearance next week, The Oklahoman said.
He is not a current or former Enerfin Resources employee, FBI spokesman Clay Simmonds said.
Enogex, a subsidiary of Oklahoma Gas and Electric Co., operates the Enerfin Resources pipeline, and OG&E spokesman Brian Alford said the company had not received any threats.