Gardaí said the woman, who is in her 20s, was re-arrested as part of an investigation into an incident in the Slieve League/Killybegs area in June.
The body of man, later revealed to be Robert Wilkin from Omagh, Co Tyrone, was recovered from the water near Slieve League on 3 July.
Police believe that an assault took place in the area between 24 and 25 June.
A man has previously been charged with murder in relation to the incident.
Alan Vial, aged 38 from Drumanoo Head, Killybegs, is currently being held in custody and is due to appear again in court in September.
He was charged with Mr Wilkin’s murder when he was brought before a special sitting of Ballyshannon District Court on July 14.