Hockey player Grace O'Malley-Kumar, from north-east London, and cricketer Barnaby Webber, both 19, were attacked by a black-clad knifeman 300 yards from their halls.
Witnesses describe seeing them getting into a heated argument as they returned from the city's Pryzm nightclub which ended in their killing.
Nottinghamshire Police said a 31-yearold man was Tasered and arrested on suspicion of murder in Ilkeston Road at about 4am yesterday.
A 54-year-old man, believed to be a builder, was then found fatally stabbed in nearby Magdala Road before the suspect allegedly stole his van and drove at pedestrians in Milton Street. Three people were injured, with one in a critical condition in hospital.
Ms O'Malley-Kumar, who played for England under-16 and 18 hockey teams, was also a talented cricketer before studying at Nottingham University.
A picture emerged today of her playing for Woodford Wells Cricket Club in Essex, who described her as "fiercely competitive". England Hockey said they were "deeply saddened".
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