A 24-year-old former neuroscience student was arrested in a car park outside the theatre in Aurora city.
He was armed with a rifle, a shotgun and two pistols, said officials.
Police revised down the death toll from 14 earlier. They said 71 people, including the deceased, had been shot in the incident at the Century 16 multiplex cinema.
Booby-trapped home FBI sources named the gunman as Aurora resident James Holmes, a white American. They said no terrorism link had been established.
Cinema shooting suspect
- James Holmes, 24, was a former neuroscience PhD student at University of Colorado-Denver
- Attended high school in San Diego, California, where his parents still reside
- He lived in an apartment in north of Aurora, about five miles from the cinema
- Only previous brush with the law was a summons for speeding in October 2011
Police said he had been in the process of withdrawing from his PhD studies at the University of Colorado-Denver.
US President Barack Obama cut short a campaign trip to Florida and returned to the White House to address the situation.Acting on information from the suspect, the authorities said they had discovered that his home in the north of Aurora has been booby-trapped. Incendiary devices with chemical elements and trip wires are in the property, police said.
The apartment complex and five buildings nearby were evacuated as FBI agents and police used a fire engine ladder to reach the property, and put a camera on the end of pole to look inside.
Police chief Dan Oates said the massacre was "a horrific event". "The shooting apparently went on for some time," he added.
Cinemas in New York tightened security at Batman showings following the attack, and the French premiere of the film in Paris was cancelled.
Witnesses said the gunman opened fire during an action scene in the summer blockbuster, at about 00:30 local time (06:30 GMT).
He was described as clad in a bullet-proof vest and riot gear, drawing comparisons with the outfit worn by the villain Bane in The Dark Knight Rises.
Ten people were killed at the cinema and two others died later in hospital of their wounds.
Many ambulances attended the scene.
Scores of people, some in a critical condition, were taken to four hospitals.
The casualties included a four-month-old baby, who was released from hospital after treatment, and a six-year-old child.
The Pentagon said members of the military were among the casualties.
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