The wreath, laid by the now retired Bailiff Sir Richard Collas on Liberation Day, was removed from the memorial in town, taken to Lefebvre Street, St Peter Port, and smashed on Sunday 10 May.
Police said: 'We have arrested a fourth person, a 24-year-old male, for being concerned in criminal damage, perverting the course of justice and obstructing police.'
Previous arrests included a 19-year-old male and two females, one aged 21 and one aged 24.
In a ceremony on 11 May, a new wreath made by Brouards Florists was laid by the island's new Bailiff Richard McMahon.
Yesterday Police asked businesses and properties in the area of Rue Du Manoir or Lefebvre Street, St Peter Port, with CCTV to please contact the Investigation Suport Unit on 725111 and ask to speak to either PC Hannah Eulenkamp, Rebecca Farnon or Laura Furby.
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