Surveillance video captured three individuals smearing blue paint on the Fifth Avenue mural.
A woman littered it with flyers around 4:00pm on Friday, according to police.
The culprits were found near the mural a short time later covered with blue paint on their hands and clothing.
Police arrested the trio for criminal mischief charges though they would be released soon after.
The culprits were given an order for a court appearance at a later date.
The woman, 64, was issued a criminal court summons for illegal posting of flyers. Police are still on the lookout for a man dressed in black shorts and a dark blue t-shirt.
He is believed to be the person splashing red paint on the "Black Lives Matter" mural around noon on Monday.
The words “Black Lives Matter” have been painted on streets in New York and elsewhere in recent weeks.