Nirosan Thillainathan, 22, was found in the early morning hours of July 22 near the on-ramp to Hwy 401 at McCowan Road in Scarborough.
He was pronounced dead at the scene and a post-mortem examination determined he had died of stab wounds.
Police say Thillainathan had been attacked at a gas station.
Hussain Saeed, 20, was taken into custody on Friday and charged with second-degree murder.
On Monday, 20-year-old Zishan Malik, 20, was taken into custody and charged with second-degree murder.
Investigators have been asking for witnesses to come forward.