A second man has been arrested on suspicion of theft and criminal damage after a Banksy artwork was removed from a pole in south-east London, the Metropolitan Police said.

The piece of street art – a traffic stop sign covered with three aircraft resembling military drones – was revealed at the intersection of Southampton Way and Commercial Way in Peckham at midday on Friday.

Witnesses later saw the sign being removed by a man with bolt cutters less than an hour after Banksy confirmed it was genuine by posting a photo on social media.

Photos from the scene show a man wearing a black jacket holding a Lime bike steady while another man wearing a black and red jacket balances on its saddle and handle bars so he could cut the sign free using bolt cutters.

A further image shows the man in red and black running in front of a white van with the stop sign after successfully managing to remove it.

On Saturday, a man in his 20s was arrested on suspicion of theft and criminal damage and later released on bail as the force conducts further inquiries until a date in mid-March.

A man in his 40s was arrested on the same charges on Sunday and remains in police custody.

A regular stop sign has since been installed to avoid endangering road users at the intersection, police confirmed.

A spokesperson added: “This incident is currently being investigated by officers from the Met’s central south CID.

“We are aware of footage being shared which shows the sign being removed.

“Anyone who may have information about the incident or the whereabouts of the sign is asked to call police.”

A witness to the sign being removed said onlookers “watched in awe” as a man “bashed it with his hands”.

He said the man climbed onto the bike and first tried to “hit it with his hands” before leaving the scene and returning shortly after with bolt cutters.

Alex, 26, said: “We said, ‘What are you doing?’ but no-one really knew what to do, we sort of just watched it happen.

“We were all a bit bemused, there was some honking of car horns. He ripped it off and ran across the road and ran away.

“He said nothing. He didn’t seem to care that much about the art itself.”

The deputy leader of Southwark Council, Jasmine Ali, called for the piece to be returned so “everyone in the community can enjoy Banksy’s brilliant work”.

Ms Ali said in a statement: “Of course Banksy picked Peckham, it’s already on the map when it comes to art and is a hotbed for creativity.

“It should not have been removed and we’d like it back so everyone in the community can enjoy Banksy’s brilliant work.

“We have reported the removal of our sign to the police to help get it back.”

It is understood that Banksy is not behind the removal of the artwork, which some have speculated is a call for a ceasefire in the Israel-Hamas war.