The male victims were discovered off Moor Street in Dudley at around 3.30pm on Wednesday, but detectives believe they were killed shortly after 1pm.
The suspect, in his 30s, was detained after a vehicle was stopped in Carnforth, Lancashire on Thursday morning.
Police were taking him back to the West Midlands for questioning.
A post-mortem examination is scheduled for Friday and the victims - believed to be in their late twenties or early thirties - have not yet been formally identified.
Detective Chief Inspector Jim Munro, from West Midlands Police, said it was a "fast-moving investigation".
He added: "The arrest is a significant development, but our inquiries continue and I would appeal to anyone with information about what's happened, or anyone who was in the area at the time and saw or heard anything suspicious, to get in touch."
People living around the Albion Works industrial estate said they heard nothing untoward on Wednesday afternoon.
The site is fringed by another industrial park, a canal, a disused railway line and a footpath linking Moor Street to a housing estate.
A man who lives near the site, who declined to be named, said: "The police were cordoning off the path when I got home from work, but my dad was in all day and he heard nothing.
"You can see the back of the industrial estate from the path. There's units and a scrapyard-type thing at the back there."
Anyone with information is asked to contact West Midlands Police via live chat on its website, or call 101 quoting log 3204 from 30 Sept.