As soon as possible you need to apply for anticipatory bail before the Court, where your jurisdiction lies. After that file a cross FIR against the Complainant for your defence.
Legally police cannot arrest any person without there being sufficient ground for it or say evidence against you for being involved in a crime.
If at all you are arrested then you will be produced before the court of Metropolitan Magistrate and you may put your plea to him in form of a bail application. The Court after that will decide if you required to be detained in any custody or may be released on bail.
For false arrest you may also seek damages. If you are apprehensive that you may be arrested in a particular case, whether false or otherwise, you may also move the court for seeking anticipatory bail.