According to police, Urbina and a group of men allegedly attacked several employees at his family's ranch.
The group wielded machetes and poured gasoline on the employees in an attempt to set them on fire. Five workers were injured, and one of them suffered burns on the back and right arm, police said.
Urbina was arrested just outside of Caracas Monday and authorities said he would be formally charged once he appears before a judge. That hearing could take place as soon as Tuesday.
Ugueth Urbina is being held by police in Venezuela. (CP Photo)
Urbina insists he had nothing to do with the incident.
"Everything will be cleared up soon and people will know the truth," Urbina said from his cell at a police station. "Right now we aren't going to do anything to deny things that aren't true."
He suggested last month the workers were just looking to be paid off by their wealthy employer. It's not uncommon in Venezuela for the rich and famous to be blackmailed or kidnapped in an attempt by criminals to extort money.
Last year, Urbina's mother was taken hostage for five months by kidnappers demanding $6 million US. She was rescued in February after a gun battle between her abductors and 30 police officers.
"We are always targets of someone," Urbina claimed.
That said, this brush with the law isn't Urbina's first.
In 2004, police arrested him for shooting off a gun, while driving in downtown Caracas. Charges against him were dropped.
In 2000, while playing for the Montreal Expos, the pitcher was arrested for brawling in a night club. He was later acquitted of assault charges.
One of the game's best relief pitchers in recent years, Urbina has recorded 237 saves during his career. He began last season as a member of the Detroit Tigers before a mid-season trade sent him to the Philadelphia Phillies.