Police were called to Radford Road, Hyson Green, at around 12.30pm on Saturday 5 August.
The victim, aged in her 60s, was using a cash machine outside ASDA when she was targeted.
The purse was later recovered but several hundred pounds was stolen.
A 24-year-old man was arrested on Wednesday on suspicion of robbery and later released on bail.
Detective Sergeant Franco Guddemi, of Nottinghamshire Police, said: “This was a horrible crime that has understandably caused a great deal of distress to the victim and her family.
“We are determined to get justice for her, and I am pleased we now have a suspect in custody.”
Anyone with additional information about this incident is asked to call 101 quoting incident 304 of 5 August 2023.
