Police were called at about 2pm on Friday to reports of indecent exposure along the canal in Baildon, Bradford.
West Yorkshire Police launched an investigation and on Saturday morning the force announced that it had arrested a 49-year-old man.
The man was arrested in connection with the incident and two other incidents of indecent exposure nearby, on Wednesday and on Friday.
The first happened on Wednesday 17 March at 515pm in Roberts Park, Saltaire.
The other incident happened at 1245 on Friday 19 March at Shipley Glen Woods.
He remains in custody.
At around 3pm on Saturday, West Yorkshire Police confirmed that they had made a second arrest in connect with the incident near to the canal.
The second man who has been arrested is 29.
Extra police are now patrolling the area.
Chief Superintendent Daniel Greenwood, Bradford District Commander, said: “We are aware of the understandable concern this incident has caused.
"I would appeal for anyone with information that could help in our enquiries to come forward with information.
“Officers have visited the victim to update her as to the status of our enquiries.”