Athletic director Jim Weaver confirmed the suspension in a statement released Monday, citing university policy.
Holmes was arrested early Sunday morning after police were called to a fight in a parking lot. Blacksburg Police Department Lt. Nathan O'Dell told The Associated Press the fight began between two women. One person was taken to the hospital as a result of the fight, but O'Dell declined to reveal the nature of the injuries.
Holmes started five games last season and finished with 280 yards and four touchdowns. He led all rushers in the spring game this past Saturday with 24 yards on seven carries as part of a wide-open competition for the starting job.
After the spring game, Holmes told reporters, "I played last year, so I've been trying to get all the young bucks together, keep them working hard. The thing we're going to work on the most is being consistent. Just grinding, putting in work, trying to get better."
Holmes is being held without bond at the Montgomery County jail and has a court appearance scheduled for Tuesday.