Sasha Johnson suffered prominent injuries when she was shot in the head at a party in South London.
The 27 year old BLM activist was rushed to a nearby hospital and is now critically ill as a result of her injuries.
Following the shooting, the Met launched a manhunt to search for suspects in the area. The Met said five males aged between 17 and 28 have been arrested in connection with the shooting. Searches are also ongoing in two addresses in Peckham.
Ms Johnson was left in a life-threatening condition following the shooting at the property in Consort Road at about 03:00 BST.
Officers first arrested a 17 year old boy at a stop and search after he was found with an offensive weapon and class A drugs. The police were then led in their investigation to an address in Peckham where three men, aged 18, 19 and 28, were all arrested on suspicion of affray and possession with intent to supply class B drugs.
Later yesterday evening, the police also arrested an 25 year old man after a police chase. He was held on suspicion of affray and failing to stop for police. All five suspects are still being held in custody as investigations continue.
Supt Kris Wright said the arrests had been "the result of instinctive local police work, combined with fast-time intelligence gathering".
She added that local police officers will continue to be in Peckham for the next few days as the investigations continue, and urged anyone with any information to come forward.
Sasha's shooting was initially thought to be connected to her activism but the police have ruled out that possibility, and Instead, pointed out that it could be connected to gang activity in the area.
About 30 people were at the party when Sasha got shot, among them a 20something-year-old young man, who sustained "superficial knife injuries" during the attack.
Det Ch Insp Richard Leonard said the "arrests show that progress is being made" in the investigation but it remains "in its early stages".