Hamilton Police have arrested Mark Smich, 25, of Oakville, Ont., in connection with the death of Tim Bosma.
Superintendent Dan Kinsella of the Hamilton Police delivered the information at a press conference just hours after family and friends of Tim Bosma held a memorial service for the slain father.
Smich will face a charge of first-degree murder and will appear in court on Thursday morning. He is known to police and to the first suspect, Dellen Millard, Kinsella said.
Smich was arrested around 10 am on Wednesday morning. Hamilton Police say they are still looking for a third suspect and that the investigation is ongoing. Police also say they've received more than 700 tips and executed 15 search warrants during the Bosma investigation.
Bosma, 32, went missing on May 6 after taking two men for a test drive in a pickup truck he had listed for sale online.
Dellen Millard was arrested two weeks ago and is charged with first-degree murder, forcible confinement and theft of a vehicle in Bosma's death.
Police say his charred remains were found roughly a week later on Millard's farm in Waterloo Region.
There are also questions whether Millard is linked to the disappearance of Toronto woman Laura Babcock. Phone records show that some of Babcock's phone calls went to Millard before she disappeared.
On Wednesday, hundreds packed into a banquet hall in Hamilton, Ont. as friends and family said goodbye to Bosma.
"It never makes sense," Pastor John Veenstra told mourners who packed into the hall where Bosma and his wife had their wedding reception. "Was Tim's life worth the cost of a Hemi?"
With files from CP, CBC