Emergency services were called to a fire in a ground floor flat in Stafford Road, at around 9pm on Tuesday.
The occupier of the property was led to safety by firefighters, before being assessed by paramedics at the scene.
West Midlands Police confirmed a 40-year-old man was arrested on suspicion of arson and remained in custody for questioning on Wednesday afternoon.
A spokesman for West Midlands Fire Service said: "Just before 9pm on Tuesday, March 30, we were alerted to a small fire in a ground floor flat of a two-storey mid terraced property on Stafford Road, Bloxwich.
"A total of three fire engines from Walsall, Willenhall and Wednesbury fire stations and 15 firefighters attended the scene.
"One hose reel jet was used to put out the fire and the occupier of the property was led to safety. Crews carried out a safe and well check before installing smoke alarms on both the first and second floors of the property, before leaving the incident in the hands of police colleagues."
A West Midlands Ambulance Service spokesman said: "We were called by the fire service at 8.58pm on Tuesday night to Stafford Road, Bloxwich, Walsall to reports of a property fire. An ambulance and a paramedic officer attended.
"One occupant, a man, was assessed by crews but didn’t require hospital treatment and was left in the care of the police."