Officers said a shopkeeper in Sham Shui Po who sold second-hand watches and jewellery died after being shot in the head.
Three people tried and failed to break the glass display cabinets in the shop before fleeing in a stolen car, police said.
Superintendent Alan Chung said officers identified one suspect two years ago and put him on their wanted list.
The 59-year-old was arrested as he tried to enter Hong Kong at the Shenzhen Bay border crossing on Saturday.
“We believe the arrested person is one of the three suspects,” Chung told reporters.
The man was due to appear in Kowloon City Court on Monday afternoon.
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