Sussex Police was called to St Margaret's CoE Primary School in Arundel Road at 8.04am on Friday (January 24) after the girl called 999 saying she had run away from a man that grabbed her arm in Bramley Way a few minutes beforehand.
Chief Inspector Jon Carter said: "I'd like to thank the local community for their reaction to their incident and their engagement with officers who were deployed to the scene, enabling us to make an early arrest.
"I would also like to recognise the bravery of the victim and congratulate her for her quick thinking in running to a friend's house and raising the alarm.
"We will have extra patrols in the area and if anyone has any information or concerns, please speak to my officers, report online or call 101 quoting serial 253 of 24/01."
A 29-year-old man of no fixed address was arrested on suspicion of attempted abduction and remained in custody on Friday afternoon.
St Margaret's CoE Primary School has been approached for comment.
This comes weeks after a girl from Rustington was followed home from school.