He is the third person to be detained by the Metropolitan Police's Olympic Site Support Unit.
A 40-year-old female security guard and a man aged 43 have been questioned on suspicion of possessing explosives.
Scotland Yard said the latest arrest was part of an ongoing investigation into where the substances had come from.
The 61-year-old suspect has been taken to a local police station for questioning.
Police say the woman was held after officers searched her car following a tip-off.
They also stopped and searched another car on the M11. However, nothing was found and the driver was allowed to go.
Searches were also carried out at residential addresses in Kent and London, but no further substances were discovered.
The woman and the 43-year-old man have been bailed until late April.
Scotland Yard say they have ruled out terrorism in connection with the incident. Source
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