Three hooded men reportedly grabbed his fiancie Hayley Grice by the hair and ripped the engagement ring from her finger. Her mother was also threatened and forced to hand over jewellery while his twin sons, Jack and Tyler, slept on.
Police said a 28-year-old man had been held over the raid at the player's 1.5 million pound mansion.
He was arrested on suspicion of aggravated burglary and has been bailed until May 14.
Fletcher, 25, is thought to be the 14th top-flight player to have been targeted in Manchester and Merseyside in the past three years.
Expensive jewellery, Rolex watches, and sports cars worth hundreds of thousand of pounds have all been taken during the break-ins.
Detectives said they were keeping an open mind on whether the raid was linked to any others.