A 39-year-old man was arrested on suspicion of arson and possession of an offensive weapon after the incident on Bittams Lane.
He is being detained under the Mental Health Act.
Police are also examining a number of possibly linked incidents across Ottershaw and in Chertsey.
Anyone with information is urged to contact police on 101.
North Surrey Divisional Commander Chief Superintendent Aimee Ramm said: “Over the past month, we’ve seen a number of suspected arson attacks in the Ottershaw area which has understandably caused concern in our local community.
“Our investigative team has been working hard to establish the full circumstances surrounding the fires and following the two incidents last week, we now have intelligence to suggest two or more may be linked.”
“Counter Terrorism Policing South East is now leading this investigation and we will continue working closely with the team to facilitate local enquiries.
“Our local Safer Neighbourhood Team remains committed to working within the community to listen to any concerns and offer reassurance about the steps we’re taking to support this investigation.”
Anyone with any information in relation to any of the incidents, or who has any doorbell or CCTV footage which may assist officers, is asked to contact CTPSE via 101, quoting Surrey Police reference number 45250140894. Footage can also be uploaded to an information portal.
