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Machhendra Nath alias Baba Pratibhan, who carried a bounty of Rs one lakh by the Delhi Police, was on the run for the last four years, a police officer said.
Nath is a resident of Beed in Maharashtra.
Bhardwaj, who had contested the Lok Sabha election on a Bahujan Samaj Party ticket in 2009 was the richest candidate in Delhi with a declaration of Rs 600 crore assets.
He was shot dead at his 34-acre Nitesh Kunj farm house near the toll plaza in Gurugram on March 26, 2013.