KSTP reports Bloomington Police Chief Jeff Potts said the child was critically injured and had been taken to the hospital.
The suspect was chased down inside the mall and was taken into custody.
He's now at the Bloomington Police Department, Potts said, and authorities don't believe there is any further threat to the public.
It did not appear the suspect had any connection to the boy or his family.
(KSTP) A 5-year-old was hospitalized after an incident at the Mall of America in Bloomington, Minn., April 12, 2019.
Aranda is being held on suspicion of attempted homicide, and police expect to submit the case to prosecutors in support of charges by noon Monday, Potts said.
A witness told WCCO that the child's mother was screaming that someone had thrown her child from the balcony.
According to Minnesota court records, Aranda has been convicted of interfering with a police officer, trespassing and fifth-degree assault - all misdemeanors - and felony first-degree damage to property.
In October 2015, Aranda was accused of throwing glasses in Twin Cities Grill in the mall.
"Of course, our immediate concern is for the child", Potts said, adding the mother is with the child.
Tina Hailey of Burnsville, Minnesota, tells the Star Tribune she was walking with her husband on the mall's first floor when she heard screams.
Tim Burke from Allina Health confirms to KARE 11 that one victim has been transported to Children's Minnesota in Minneapolis from Mall of America. "Our thoughts and prayers are obviously with that child and his family in hopes that that child is able to recover".
The Bloomington Police Chief did not reveal the suspects name but said he was a 24-year-old man who is now in police custody. Police say Aranda refused to give his name and resisted arrest.
Officers rendered aid to the child and they were taken to Children's Hospital.
Police believe this was an isolated incident and there is no danger to the public. Police didn't immediately respond to a message seeking details about the incident.