Although you should speak to a TX criminal lawyer for the best answer to this one, in general you have few rights when an MTR has been filed. Yes you can be arrested and held with or without bail. You have no right to a jury trial nor any right to a speedy trial. If your PO files it the DA will prosecute it.
If this is happening in Travis County, it is possible that the PO will impose some administrative sancion other than the MTR. If she decides to issue the MTR, the motion has to go to the prosecutor and then to the judge who will order the issuance of a warrant. This process takes a little bit of time, and unless it's been done before your meeting, they can't arrest you. If your PO is honest and tells you that a MTR warrant is coming, then get a lawyer. Lawyer sees judge, asks for PR bond (or a summons in lieu of the warrant) and no arrest is needed. You go back to court and hash it out with probation and the judge as to what happens to you next.
PO's have a tendency to lie about their intentions with the MTR and warrant. So you should probably lawyer up soon anyway, and if your case is in Travis County check the sheriff's "warrants on the web" to make sure you're not wanted.