Leslie Ross, aged 66, from Dromore, Co Down, was detained in the quiet market town in connection with the three fatal incidents over an 11-year period.
Michelle Bickerstaff, 47, died in April last year; Margaret Weise, 50, in Aug 2007 and Lily McKee, 52, in Dec 2002.
It is understood two of the women died after suffering physical injuries, with the other death attributed to organ failure.
Mr Ross, from Meganlis Park not far from the town square, was arrested last year in the wake of Ms Bickerstaff’s death, but was released unconditionally.
Yesterday’s move by police comes after detectives carried out a review of the three separate cases.
The craftsman, who has been taken to Antrim police station for questioning, is also being quizzed about other offences relating to other women.
The PSNI has not publicly described the deaths as murders.