Several people were injured in the incident at Exhibition Road, which took place just after 2:40 p.m. local time (1340 UTC) on Saturday.
A large section of Exhibition Road in London's Kensington district was closed off as a large contingent of police officers, many of them armed officers, converged on the area.
As of now, authorities are not treating the incident as a terrorist attack, however the cause of the collision is still under investigation and police are said to be keeping an "open mind" regarding any possible motives.
London Ambulance said the people it treated - including the suspected driver - had mostly sustained head and leg injuries.
'Their injuries are not believed to be life-threatening or life-changing.
He was taken to hospital for treatment before being taken to a police station in north London.
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Tension are high as the United Kingdom has seen a rash of terror attacks this year, including a vehicle driven by an Islamic terrorist that plowed into a crowd on a bridge and a man who drove a auto into people outside of a mosque.
"The man detained by officers is now under arrest and is in custody at a north London police station".
'If you have any information about this incident, please call 101'.
Some people said they were ushered into the neighbouring Science Museum. Police had said previously that the factor for this incident was under investigation.
In a message on Twitter, the Prime Minister said: "My thanks to the first responders at this incident this afternoon and the actions of members of the public. A crowd gathered around, and one or two people lying on the ground", she said.
Britain has been on a "severe" terrorist threat level indicating that the Joint Terrorism Analysis Center believes an attack is viewed as highly likely.
In March, a man drove into pedestrians on Westminster Bridge, killing four people.