(The above video is graphic.)
He is being held on suspicion of dangerous driving causing serious injury, suspicion of aggravated vehicle taking and attempting to pervert the course of justice.
He was was found by police trying to hide on a roof in Donald Hall Road.
The woman has been held on suspicion of attempting to pervert the course of justice, Sussex Police said.
Shocking footage of the incident shows the 53-year-old victim waiting to cross the road before being launched violently into the air after being struck by a Fiat 500.
A witness can be seen staring in apparent shock as the man is flung across Montague Place in the Kemptown area of Brighton.
In the aftermath of the incident the victim is sprawled motionless in the middle of the road, whilst passers-by are seen standing around in disbelief.
Sussex Police said the victim, who has not been named, suffered serious injuries but is now recovering.
Sgt Dan Pitcher said: "We would like thank everyone who has shared the video and given us information. We are still appealing to anyone with further information or was in the area when it happened to please make contact on firstname.lastname@example.org quoting Op Northdown."