LOS ANGELES (AP) _ Times Mirror Co. said a deal to trade its cable television operations in Arizona for cable properties owned by Tele-Communications Inc. and United Artists Communications has collapsed.

The decision to call off the deal, which was announced in March, ''was a mutual agreement between all three parties,'' Times Mirror, owner of the Los Angeles Times, Newsday, and the Baltimore Sun papers, said Thursday.

The swap, valued by analysts at about $740 million, involved Times Mirror's cable franchises in Phoenix, Bullhead City, Casa Grande, Lake Havasu and Nogales, Arizona. In return, the company was to get Tele-Communicatio ns' cable syustems in Reno and Carson City, Nev., South Lake Tahoe, Calif., and Zanesville, Ohio; and United Artists properties in Brookhaven, N.Y., Decatur, Ill., and Taunton and North Attleboro, Mass.

A separate agreement for Times Mirror to buy Tele-Communications' cable system in Rock Island, Ill., also fell through, the company said.