The bag was snatched from the Grammy-winning rapper’s bus at about 10pm on Tuesday at the Talking Stick Arena in Phoenix.
Sergeant Vince Lewis said the vehicle, which was being used for a show featuring Drake and fellow rapper DJ Future the Prince, was unoccupied at the time.
A stagehand, identified as 21-year-old Travion King, was arrested on Wednesday on suspicion of theft.
King was being held at Maricopa County jail, Phoenix police spokesman Sergeant Vince Lewis said.
He was arrested on a separate matter by Arizona State University Police in Tempe, when the bag containing the jewellery was discovered.
Mr Lewis said King was also identified in CCTV footage.
The jewellery did not belong to Drake, Sergeant Lewis added.
A representative for Drake declined to comment.
Drake and Future The Prince have been co-headlining the Summer Sixteen Tour, which started in July.