The Kerala Police said he will be brought before a court later in the day.
The actor was first taken into custody on Thursday following complaints from school girls of "misbehaviour" by Ravi, an official from the Ottapalam police station told IANS.
"It was after verifying the complaint against him by school girls that the actor has been arrested. Later in the day, he will be presented in a court," said the official.
The incident had occurred last month.
Ravi, an engineer by profession, is the son of hugely popular actor T.G. Ravi who has been in the industry for more than four decades.
Sreejith Ravi began his film career in 2005 and has acted in more than 50 films, including "Nallu Penunngel" directed by Adoor Gopalakrishnan.
Some of his other popular films include "Chanthupottu" and "Mission 90 Days", which is based on the Rajiv Gandhi assassination.
