He is being held at a local police station, and will now be transferred to a police station in south London.
The officers from the Metropolitan Police Service and the British Transport Police reached the spot along with the London Fire Brigade and the London Ambulance Service.
Mr Basu said that the police are "working to support displaced residents".
The homemade device shot flames inside a crowded subway auto Friday morning at the city's Parsons Green station but only partially detonated, injuring 29 people and spurring a "critical" terrorism alert in Britain, warning that another attack was imminent.
Britain's terror threat level remains at critical - the highest level - meaning authorities believe another attack is imminent.
The London police counter terrorism command is leading the response and the probe is being supported by the British spy agency MI5, he said.
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The teen was arrested in the port area of Dover, 80 miles southeast of London, reports said.
The UK's terrorism threat level is being reviewed "hour by hour" as developments in the investigation unfold, the Guardian reported. The strike is being investigated as a terror attack. Most of the injured people suffered burn injuries.
The move comes after a bomb exploded on the Parsons Green Tube yesterday.
But they have not yet released any further information about his or her identity, and the suspect remains at large.
A manhunt for the perpetrator is ongoing and police have reportedly identified a suspect. No arrests have been made.
Friday's blast injured 29 people, but it's thought the homemade bucket bomb didn't actually detonate properly: it set off a fireball in the train carriage, but NOT the devastating explosion that was intended.