Accused Arvind Gupta was apprehended at Howrah in Kolkata, a crime branch officer said.
"Possessing gold jewellery robbed from the deceased woman's residence here, Gupta was preparing to sneak into Bangladesh," the officer told PTI.
Shagufta Khan, the wife of a bookie, who had been arrested in a betting case some years ago, was found murdered on Tuesday afternoon at her residence in Rustomjee apartments at Marve Road in suburban Malad, police said.
The accused had slit the throat of the victim with a knife before running away with cash and gold valuables. As the culprit was about to leave the house, the victim's two minor daughters entered home. The accused also tried to attack them with the knife, but the children managed to save themselves.
Malad police station formed three special teams to trace the accused while equal number of squads were constituted to crack the case by the crime branch, police said.
"As his female friend is from Bangladesh, he wanted to go there, may be to settle there permanently. He murdered Khan to rob her house so that he can have money to reach Bangladesh," the officer said, adding, the accused was being brought to Mumbai from Kolkata.
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