Realtor Deven Shah was shot dead by two people outside his residence on the night of January 13.
CCTV images from the area showed that two persons had fired five rounds, two of which hit Shah, in the plush Prabhat Road area of Deccan Gymkhana.
Police identified the arrested accused as Ravi Chorage with Additional Commissioner of Police (North/South Region), Ravindra Sengaonkar, stating that Chorage's interrogation was underway.
Police sources said he had been arrested from Jalgaon. Police teams are looking for the other person seen in the CCTV footage, said officials.
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