Photo: Rosalio Huizar/El Universal via Getty Images
The 65-year-old suspect is one of two women caught on surveillance video leaving the victims' room in Mexico City, prosecutors said in a statement.
A post-mortem on the wrestlers, who were twin brothers, detected a substance found in eye drops that can damage the nervous system when mixed with alcohol.
Alberto and Alejandro Jimenez were well-known in Mexico's wrestling world and fought under the names of La Parkita - or Little Death - and Espectrito Jr.
Prosecutors have said gangs of female robbers are experienced at using drugs to knock men out and rob them.
But the women may have used too strong a dose in this instance, they said.
The men, both aged 35, may have died because of their small stature, although much larger men have also been killed by similar does.
The brothers' bodies were found by cleaners at the hotel. Tests suggested they had not had sex with the women.
Police located the suspect by tracing calls from a phone belonging to one of the brothers, the statement said.
She was arrested on Tuesday.
The victims were veteran stars of the Lucha Mini world of midget wrestling.
The sport had a huge following in the 1950s and 60s, but its popularity has died out across much of the world - however, it still has a huge following in Mexico.
A 65-year-old woman has been arrested in connection with the deaths of two Mexican midget wrestlers. Brothers Alejandro and Alberto Perez Jimenez were found dead in their hotel room in Mexico City, Mexico. The brothers' drinks had been spiked with a fatal dose of eye drops and the pair were robbed. 

The mini wrestlers entered their hotel room with two women. Later, surveillance cameras recorded the two women leaving the hotel alone. The police traced and arrested one of the female suspects by way of a stolen cell phone that belonged to the wrestlers. Police are still searching for the second woman. 

Alejandro and Alberto wrestled on the Lucha Mini Wrestling circuit. The pair fought under the names Espectrito Jr and La Parkita, known as "The Little Ghost" and "Little Death". 

The female suspect admits meeting the wrestlers but denies poisoning them.

Prosecutors say that there are female gangs in Mexico City who drug and rob men.