"We don't believe that there is a threat to the public at this point as the suspect has been located", he said, adding that the incident appeared to be isolated. He was charged in two previous incidents at the mall in 2015.
Mall of America officials said any more information about the incident will come from police.
The boy was taken to Children's Hospital Minneapolis with serious injuries.
Police still do not believe there was any connection between the family and Aranda.
Noah Hanneman, a family friend who set up the GoFundMe page, said that Landen remains in stable condition, "contrary to the rumors and attention seekers out there stating that he has passed".
It has been reported that Landen Hoffmann from Woodbury, Minnesota, was tossed to the marble ground beneath the balcony on Friday (12 April) as his mum screamed: "Oh my God, my baby - someone threw him over the edge".
In the story on the page, it reads in part, "He was enjoying a day at the Mall of America with his mom and friend on Friday morning when a stranger maliciously grabbed him and threw him over the 3rd-floor balcony for no apparent reason".
Aranda has a long string of arrests and convictions for misdemeanor criminal offenses in recent years and had been ordered twice to stay away from the Mall of America, court records show.
Witnesses told law enforcement that they saw Emmanuel Deshawn Aranda, of Bloomington, Minn., shove or hurl the young child from the third interior level on the Bloomington Mall side to its first on Friday morning. Charges are expected by noon Monday, authorities said.
The Mall of America issued a statement on Friday, saying: "This was a senseless act and words can not truly express our profound shock and sadness".
Potts called the situation "horrific" and said the department was keeping the boy and his family in their "thoughts and prayers".
'We have counseling services available for anyone who may need assistance.
Police confirmed that there is video of the incident but said it will not be released until the investigation is complete.
Aranda also was accused of walking into a mall store and sweeping his hand across a display table, breaking glasses.
The complaint says Aranda approached a woman who was waiting for the restaurant to open and asked her to buy him something. In another, he allegedly threw a glass at a woman at a mall restaurant.