The gang were caught following a search of fields in the St Johnston area yesterday.
It follows three attempted burglaries on the Ballylennon Road in which electrical goods, cash and car keys was taken in the early hours of yesterday morning.
The man, who is in his 40s, was bailed and will appear at a future sitting of Letterkenny District Court.
The other two men, who are both in their 30s, are still being quizzed at Letterkenny Garda station.
Gardai have thanked the local public for their co-operation following the attempted break-ins.
Locals in the St Johnston and Raphoe area have come together in recent weeks to form a very active community alert scheme.