Richard Robert Smith, of no fixed address, was arrested on Thursday afternoon and faces a number of charges, including manslaughter, police said in a release.
The charge comes after Egbert Boothe, an entertainment promoter in Toronto's Caribbean community, died on May 29, 2010, after falling 15 storeys from a building at 2000 Sheppard Avenue West, near Jane Street.
Police first believed the 43-year-old had jumped from his apartment, but after an investigation began treating his death as a homicide.
They said in the days following the death that they were looking for four persons of interest.
Police said at the time that they believed three men toting handguns and wearing disguises had covered their faces and forced their way into Boothe's apartment.
They were also looking for a woman who was in the elevator with one of the men before the alleged confrontation at Boothe's apartment.
Smith faces charges of manslaughter, robbery while armed with a firearm (two counts), break and enter, disguise with intent, and conspiracy to commit an indictable offence.
He is scheduled to appear in court on Friday.
Police said charges are also pending against a 21-year-old female suspect.
Anyone with information about the case is asked to contact police at (416) 808-7399 or Crime Stoppers anonymously at (416) 222-TIPS (8477).