The statue was cut off its base outside the old Garden State Park horse racetrack. Part of it was found nearby, the rest at a Camden salvage yard.
Police say a tip led to Saturday's arrest of 33-year-old Ian MacDonald. He is charged with theft and conspiracy. Police are looking for three other suspects.
MacDonald is being held in lieu of $55,000 bail. Messages left with the police spokesman and at MacDonald's home weren't immediately returned.