Bukayo Saka Marcus Rashford and Jadon Sancho were victims of abuse after they missed penalties in the shoot-out final at Wembley last month.
It led to condemnations by the Prime Minister, England manager Gareth Southgate and the Football Association.
Out of 207 social media posts deemed to have committed offences, 123 accounts were outside the UK. Another 34 were in the UK and 11 of them have been taken into custody.
Chief Constable Mark Roberts said: ‘There are people out there who believe they can hide behind a social media profile and get away with posting such abhorrent comments.
‘They need to think again – we have investigators proactively seeking out abusive comments in connection to the match and, if they meet a criminal threshold, those posting them will be arrested.
‘Our investigation is continuing at pace and we are grateful for those who have taken time to report racist posts to us.’
Those arrested include three people from London, two from Christchurch, one from Runcorn and one from Sale. Others were located in Reading, Folkestone, Shrewsbury and Worcester.
New data found that more than two in five Premier League players were subject to racist abuse on Twitter during last season.
Online hate detection company Signify tracked abuse on the platform and said that 20% of abuse was directed at four players, who they did not name. Here