Ellen Higginbottom died after being brutally attacked near Winstanley College, and her body was discovered at Orrell Water Park in the early hours of Saturday morning.
A post-mortem examination has concluded that the 18-year-old student had suffered multiple wounds to the neck.
Greater Manchester Police said a 47-year-old suspect was detained on Sunday afternoon in nearby Billinge, and is currently in custody for questioning.
A second man, aged 51, was arrested in Preston, Lancashire on Sunday evening.
Detective Superintendent Howard Millington has stressed the investigation "is still in its early stages".
He said: "This investigation is by no means over however, we still have a long way to go in piecing together the puzzle.
"Our investigative team will continue to work at the scene in the area around Orrell Water Park for the next few days."
Image:Police called Ellen Higginbottom's death an 'absolute tragedy'. Pic: FacebookClassmates have described Ellen as a "lovely and caring girl" who will be remembered for her love of horses.
Her friend Katie Hatton wrote on Facebook: "Absolutely heartbreaking that this horror had to happen to such a lovely and caring young girl, always smiling and making me laugh in psychology.
"You were taken far too young - my love and thoughts are with friends and family. R.I.P. Ellen."
Lisa Wasilewski wrote: "Seriously saddened by the loss of the lovely Ellen Higginbottom. My thoughts are with her family right now.
"I will always remember you for your love of horses and your bubbly personality. You will be missed xxx."
Chloe Williams, who had posted a plea for information about Ellen in the hours after she went missing, said later: "Never felt as sick and upset and heartbroken in my entire life."
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