The 74-year-old had gone missing as he walked home from work and was forced into a vehicle by masked men.
"The 20-year-old man has been arrested on suspicion of kidnap and murder and is currently in police custody where he will be questioned by detectives," Leicestershire Police said.
Two other men, aged 18 and 22, both of whom are from Leicester, were arrested on suspicion of kidnap and murder on Monday and remain in police custody.
They appeared before Leicester Magistrates' Court today and were remanded to appear at Leicester Crown Court on February 28.
Jogiya, the father of three sons, was last seen on CCTV locking up and leaving the family's jewellery store Vama on Belgrave Road known as the Golden Mile due to its row of jewellery shops, mostly run by Indian-origin merchants.
His family issued a statement through Leicestershire Police expressing their devastation at his death and paid tribute to a loved member of their "close knit family".
"He was a doting husband, father, granddad, brother and uncle, who loved nothing more than spending time with his family, whether it be sharing food, watching the cricket or catching up with favourite Asian TV serials with his wife".
The family also urged anyone with information about the attack to contact police so that people responsible for his death can be caught.
Jogiya's body was recovered fromGaulby Lanein Stoughton area of Leicester.A murder investigation was launched and initial enquiries had established that he had been pulled into a vehicle and taken against his will from Belgrave Road.
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