The man was arrested after scaling out of the cockpit window on a rope, according to Geneva police spokesman Eric Grandjean.
The co-pilot said he seized his chance to take over flight ET-702 from Addis Ababa to Rome by locking himself in the cockpit when the pilot went to the bathroom, Grandjean told AFP.
Identified as an Ethiopian citizen born in 1983, the man told police "he felt threatened in his country and wants to seek asylum in Switzerland," he added.
"The co-pilot told air transport authorities he had a problem with his plane and needed to fill up with jet-fuel. He then set off a distress signal indicating the plane was hijacked, before saying he had engine trouble," Grandjean said.
Fighter jets escorted the plane from Italian airspace and it landed in Geneva at 6:02 am local time (1032 IST).
"He parked the plane on the taxiway, he cut the engines then opened the cockpit window, threw out a rope and used it to descend to the tarmac," Grandjean said.
The man said he acted alone, but as a precaution all those on board were frisked as they left the plane.
The runway was crowded with police and other emergency vehicles as passengers filed out with their arms up in the air or on their heads before boarding waiting buses.
Geneva's chief prosecutor, Olivier Jornot, said there were no signs of violence towards the passengers or fellow crew.
"Of course the fact that a plane is being flown by someone who has committed a hijack means that the passengers were in danger," Jornot told reporters.
"Technically there is no connection between asylum and the fact he committed a crime to come here. But I think his chances are not very high," he told reporters.
The man risks a 20-year prison sentence, but Jornot said it was too early to say whether his actions warranted such a punishment.
Ethiopia's Information Minister Redwan Hussein said the co-pilot's record was under scrutiny.
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