Police said 24-year-old Roshwin Crafton has been arrested and charged with several offences, including arson causing property damage, causing damage exceeding C$5,000, possession of incendiary material and violating a probation order.
The suspect is scheduled to appear in court on September 8.
Police said a second suspect allegedly involved in the incident remains at large, while investigations are continuing.
Zahid thanked the Toronto Police Service for its efforts in investigating the case and said she would continue to cooperate fully with authorities.
She said there was currently no information about the motive behind the incident and that she would wait for the facts to emerge before making further comments.