US President Donald Trump said the suspects had been looking to do "big damage" and had been under investigation by British and US authorities.
British counterterrorism detectives leading the investigation said police had received a call about three suspicious vehicles that appeared to be travelling towards RAF Fairford in the west of England in the early hours of Sunday.
Five men were arrested by armed officers and later held on suspicion of preparation of a terrorist act. Police, who said they believed the incident was now contained, have not yet publicly stated who they assessed was involved.
An Iranian-linked motive is considered the most likely, a source familiar with the investigation said, while a Russian sabotage operation or an Islamist plot were also being looked at.
"We are in the early stages of an investigation, and five men remain in custody," Counter Terrorism Policing Senior National Coordinator Vicki Evans said in a statement.
"As you would expect we are working closely with our partners to understand the circumstances of the incident."
Police said a 400-metre cordon was in place around the base as the bomb disposal unit investigated the vans. Local residents in 85 homes in a nearby village were evacuated and armed officers were patrolling the site.
The British government, which has given authorisation to the US to use bombers based at Fairford to strike Iranian missile sites that were attacking ships in the Strait of Hormuz, said Prime Minister Andy Burnham was being updated on the incident.
Burnham thanked the police and armed forces, saying on X: "I know today's incident near RAF Fairford will be deeply concerning for local residents and for many people following developments across the country".
Britain said in July its armed forces were ready to protect the country from any attack after Iran's Revolutionary Guards warned it not to allow US bombers to fly from Fairford, saying any base used to launch attacks would be a legitimate target.
"The arrest in the UK was fantastic," Trump told reporters, saying it was "an amazing job".
"We had them under investigation. They were looking to do big damage to our fort and working with the British worked out great ... We had them under view for a long time, and we got them," Trump added.
On Sunday morning the base was blocked by armed police while large machinery also prevented access, and Reuters witnesses said security had been increased at other bases used by the US, with armoured vehicles and soldiers at the gates of RAF Lakenheath and RAF Mildenhall in eastern England.
A local farmer told the Daily Telegraph newspaper she had alerted police after seeing the vans and men acting suspiciously as she drove home from a party.
"I saw a group of Middle Eastern-looking young guys running off through the trees. Some of them had masks or balaclavas on, and they all scattered ahead of us as we drove back past," she told the paper.
"Some of them ran into the fields, and some of them turned to run towards the air base ... I mean, you don't see masked men running around at half one in the morning in the countryside near a secure air base and not have concerns."
Local councillor Tristan Wilkinson told Reuters there had been a recent security alert at Fairford and surveillance had been stepped up.
"So there was a specific threat about six weeks ago from the Iranians on this base. At the time, there was increased surveillance around the area," he said.
A spokesperson for the US Air Force declined to discuss specific force protection measures at the base.
"The 501st Combat Support Wing and our fellow UK-based Wings remain vigilant and will take appropriate actions to ensure the safety and security of our US service members, civilians, contractors, and their families," the spokesperson said.
