(Warning, inappropriate language used in video. Click full screen within video to see whole footage)
In a statement to Premier, a spokesperson for the Met Police said: "At 13:35hrs on Friday, 23 April, officers on patrol were flagged down by a member of the public who made them aware of a man allegedly making homophobic comments close to Uxbridge Underground Station.
"A number of other people also approached the officers with concerns about the man's language.
"Officers spoke with the 71-year-old man and he was subsequently arrested on suspicion of an offence under Section 5 of the Public Order Act."
The Met Police confirmed he was taken to a west London police station where he was later released under investigation.
A file has been passed on to the Crown Prosecution Service meaning further action may be taken.
The arrest comes two years after another Christian street preacher was awarded compensation for wrongful arrest after being stopped in nearby Enfield.
Pastor Oluwole Ilesanmi was given £2,500 by the Met Police in relation to his false arrest, imprisonment and unlawful detention.
The Met says the case of Pastor John Sherwood has been assessed by its Directorate of Professional Standards and no further review will be necessary.