Audley Yung, 22, of Richmond, California, was arrested Saturday on suspicion of possession of a destructive device, arson and making terrorist threats, campus police said. His bail was set at $25,000.
Final exams and the graduation ceremony for the business school were scrapped Friday after groundskeepers found two plastic bottles that contained what investigators think was flammable liquid near a burning palm tree, authorities said.
Another suspicious device was found hidden in a nearby planter, and two threatening letters were sent to the school, authorities said.
Yung attended the university in 2002 and 2003, and took summer session classes as recently as 2006, authorities said. It was not clear whether Yung had an attorney.
The canceled graduation was rescheduled for Monday morning. Five other graduation ceremonies were held under tight security Saturday, school officials said.
American universities have been especially cautious about campus security after the April shooting rampage at Virginia Tech, where a student killed 32 people and himself.