Officers responded to a homeless encampment on Harvey and Maple Avenues, just south of Highway 180, to make the arrest on Thursday morning.
The CHP said the suspect is a man in his 30s. The relationship between him and the victim, 49-year-old Ray Stewart, wasn't immediately clear.
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Stewart died on Saturday after he was shot multiple times at a homeless encampment in the area of Harvey and Winery Avenues.
Another man was also shot and taken to the hospital in critical condition.
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The Fresno Police Department was initially informed of the call, but CHP took over due to the encampment being on state property.
The suspect's name has not been released. Officials say he will be booked into jail on charges of murder and attempted murder.