Tak Panmeung, 34, was arrested by Phuket City police and a special task force from Phuket Police Headquarters in a joint raid on a Phuket City hotel about 6pm last night.
Tak is a sky lantern salesman and motorcycle renter who works in Patong and lives in Kamala. The other man is already under arrest.
The Danish woman has told Patong police that she met one of the men while strolling along Patong beach on Monday night.
She accepted his offer of a ride back to a resort in Kalim, north of Patong, where she was staying.
But the woman was surprised and alarmed when a second man got on the motorcycle behind her and it sped off.
The woman, aged 40, told police the two men took her to an address in Kalim Soi 7, where they stole her bag and a precious bracelet.
The bag contained a mobile telephone, cash and credit cards.
The Danish woman struggled with the men. One man produced a knife and cut her face on the right side before the alarm was raised and the men fled.
One man was apprehended soon afterwards. It's not clear at this stage whether the stolen goods have been found.
It's also not clear whether police have accepted the woman's account that the men were intent on raping her.
The pair are likely to face charges of assault with a weapon and stealing.
The tourist, who needed hospital treatment for her wounds, in due to leave Phuket on Sunday.