Officers from the Acacia Ridge criminal investigation branch and homicide unit arrested the 30-year-old East Brisbane man on Friday evening after he was intercepted in a vehicle at Riverview.
The man has been charged with murder and will appear in Brisbane Magistrates Court on Saturday.
Officers also seized items of significance to the homicide investigation after two search warrants were executed on Friday evening.
Police confirmed on Saturday they were still looking for two male suspects, while investigations continued into the 38-year-old Inala man's death.
The man died after being struck once in the chest at close range at a home in Cliveden Avenue, Oxley in the early hours of Tuesday morning.
Detective Superintendent Andrew Massingham initially alleged four men and a woman armed with a 12-gauge shotgun, and potentially a handgun, were involved in the attack.
"The male deceased was struck at very close range and we believe the weapon involved was a 12-gauge shotgun," he told reporters on Tuesday.
Det Supt Massingham alleged the man had been sitting in a car near the home when the five turned up and started assaulting another man who lived at the home.
The 38-year-old got out of his car and started running to the man's aid when he was shot.
Police were probing a dispute between the two men and the five suspects one to two weeks before the shooting.
"Certainly there was significant conflict amongst the whole group," Det Supt Massingham said.
The dispute was not related to a number of recent gang shootings in the city's south, he said.
The shooting occurred across the road from the Corinda State School less than six hours before hundreds of students were due to return to class after school holidays.
A preschool and a childcare centre are also located on the same block in the quiet, mainly residential suburb.
Police urged anyone with information about the man's death to contact Policelink or lodge an anonymous report through Crime Stoppers.
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