Marcella Zoia, 19, was taken into custody around 7 a.m. Wednesday.
On Monday, police asked the public for help identifying the woman, saying they were investigating the incident as a case of mischief endangering life.
Police said on Tuesday they had identified the woman but did not release her name.
Police told CTV Toronto Tuesday that they had been in contact with "either the perpetrator herself or her representative" and were discussing arrangements for the woman to surrender.More news: Ohio teen defies mother, gets vaccinated for first time at 18
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On Monday, a video began circulating on social media that appears to show a woman dressed in black trousers, a black leather coat and black high heels tossing the chair over the balcony, which is several storeys high. "We want to give her the opportunity to speak to her lawyer and then come in on her own volition", Const. David Hopkinson, a spokesman for the Toronto police, told CBC. While the video ends before the chair hits the ground, police said the chair was found damaged "almost beyond recognition" at the entrance of a nearby building.
Hopkinson called the incident "very callous" and said the objects could have hurt somebody.
Police said the apartment the furniture was allegedly tossed from was being used as a "short-term rental property" but could not say which company it was rented through. "This is irresponsible behavior that is unacceptable". He added, "This could have caused death or injury and is not acceptable".
Contacted for a statement, Airbnb said it was looking into whether any Airbnb guests were involved.