The incident occurred on Rochdale Road in Todmorden just after midnight this morning (Jan 5) and the suspect was seen to make off in a silver Ford car towards Rochdale.
A vehicle matching the description was located by responding officers a short distance away on the same road and an area search conducted.
With the assistance of dog teams, a 52 year-old man was found in undergrowth and was arrested in connection with the incident.
West Yorkshire Police, Detective Inspector Mark Truelove is leading enquiries and said: “Clearly this was an extremely distressing and traumatic experience for the victim, with whom we are currently providing specialist support.
“Thankfully, she was able to raise the attention of residents, having received superficial injuries from the assault.
“The local community will understandably be concerned by these events and although we believe this to be an isolated incident, there will be additional patrols to offer reassurance in the area.
“Although we are not seeking anyone else in connection with this incident, I am keen to hear from anyone who may have seen the movements of the suspect vehicle. In particular, I would like to know where it had travelled from prior to the offence and the route it took.
“If you have any information that could assist in our investigations, please get in touch on the non-emergency number 101 or via the online live chat facility available via the Force website, quoting reference 0002 of 05/01.
“Likewise, you can call Crimestoppers anonymously on 0800 555 111.”